As it has over the past 2 years, credit remains an asset class of choice for global fixed income investors. The combination of enduringly sound fundamentals, powerful technical forces, and generous yields has rendered credit a rare anchor of stability in a world still wrestling with volatility and policy uncertainty.

Data-dependent investors may be well rewarded heading into Christmas, with a heavy US data slate – including the delayed jobs report and the key inflation prints.

For investors, the focus will be on the Fed’s decision and any accompanying dissents, while other key central bank meetings include those of the Reserve Bank of Australia, the Bank of Canada, and the Swiss National Bank.

Candriam has once again been awarded five stars across all modules in the 2025 UN Principles for Responsible Investment (PRI) Assessment, confirming its leadership and long-standing commitment to responsible investing.

At the start of the final month of the year, investor focus will be on global PMIs to gain insights into activity, prices and jobs in the manufacturing and services sector globally.

The loss of biodiversity has financial and investment implications. While not-for-profits and investors such as ourselves are straining to actually quantify our risks, the qualitative indicators are mounting.

Geopolitical Fragmentation | Europe’s Investment Moment | Candriam Discover how Europe’s drive for strategic autonomy is reshaping global investing. Read Candriam’s latest research and explore our European Autonomy Fund.

We continue to view the labour market as the key determinant for US rates. If employment stabilises, we expect the long end of the curve – particularly maturities beyond ten years – to move higher.