➦ Companies on a trade war footing, the Fed’s wishful Xmas cut and 2024 going in the books as a record year for insolvencies
Despite a brief boost as exporters rush to get in orders before higher tariffs kick in, global trade growth is likely to slow in 2025-2026.

➦ Divided we fall – The risks of competitive fragmentation on Europe’s road to net zero
The green transition is a motor for economic growth.

➦ Market concentration: How big a worry?
S&P 500 returns this year have been nothing short of spectacular, with the index rising an eye-popping 26% ytd. This stellar performance owes to a handful of technology stocks—the Magnificent 7—which returned 41% ytd and accounted for an astonishing 47% of the index’s gains. Just how anomalous US equity market concentration is today, and how worried investors should be about it, is Top of Mind.