Credit markets have evolved. What was once considered a single asset class has become a broad, fragmented and multi-layered ecosystem spanning bonds, derivatives, private markets, currencies and capital structures—from senior secured debt to subordinated and hybrid instruments.

The structural shift towards European autonomy is already underway in the technology sector. Having relied on American and Asian capabilities for too long, Europe is now committed to reducing its technological dependence by strengthening its domestic capacities in strategic areas.

The ECB is likely to announce a rate hike in order to curb rising inflation due to increased energy prices.

The market-moving US jobs report for May is expected to show 93k payroll gains, with unemployment holding steady at 4.3%.

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Investors will keep a close eye on a possible (de)escalation in Iran, similar to previous weeks.

US Rates: Neutral nominal duration - we prefer inflation protection while monitoring the Fed transition closely

Bond markets are pricing the war in Iran. Equity markets are not. That divergence has become a defining feature in the past month. The conflict has now moved beyond the initial shock phase and has entered a regime of repeated escalation, partial de-escalation and unresolved disruption.