Section
Markets
Currencies, commodities, rates, indices and capital flows.
18 published articles
Featured
Debt, AI and Shadow Banking: Who Will Absorb the Next Bond Market Shock?
Governments are borrowing heavily, artificial intelligence is mobilizing enormous amounts of capital, and hedge funds are playing an increasingly important role in sovereign debt markets.
AnalysisRecent publications
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MarketsFintech: Who Controls Money, from Financial Markets to the Corner Shop?
At one end of the financial system, an asset manager must deliver securities against several million dollars, provide collateral and ensure that funds arrive at the right moment.
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MarketsCapital: The Art of Disappearing
How international finance learned to separate money, ownership and the territory where profits are taxed.
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MarketsSaudi Arabia: The Monetary Limits of Its Rapprochement With China
For more than a year, Saudi Arabia was no longer part of mBridge. Almost no one knew.
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MarketsUSDC: When the Money Stays in the Wallet but the Risk Is Already Inside
One hundred dollars. One dollar and thirty cents the next day.
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MarketsThe SEC Opens the U.S. Stock Market to Tokenization
The SEC’s new exemption does not move Wall Street onto the blockchain overnight. But for the first time, it creates a regulatory pathway for tokenized U.S.
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MarketsThe Dollar Is Getting More Expensive Again
The Federal Reserve has raised interest rates for the first time since 2023.
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MarketsFuel Prices: Who Really Benefits From the Increase?
In France, fuel prices are once again approaching exceptionally high levels even though crude oil remains below its peaks for the year.
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MarketsGlobal Stock Markets: What 2026 Is Rewarding
At first glance, 2026 looks like a good year for equities. Wall Street reached new records during the summer, Europe extended the momentum that began in 2025, and several Asian markets benefited from accelerating technology investment.
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MarketsProp Firms: The Hidden Economics of Funded Trading
One hundred thousand dollars for a few hundred. The proposition almost sounds too simple. A trader with limited capital pays for an evaluation, follows a set of risk rules, reaches a performance target and, if successful, gains access to what is presented as a “funded” account. Profits can then be shared, sometimes with the trader retaining a very large portion.
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MarketsChocolate: Behind Brown Gold
It takes only a few seconds to eat a square of chocolate. It takes years to grow the cocoa tree that made it possible, months to harvest, ferment and dry its beans, an international logistics chain to transport them, considerable industrial infrastructure to process them, and finally the full power of marketing and distribution to make consumers forget the journey altogether.
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MarketsJapan: Defending the Yen Moves to a New Scale
For a long time, Japanese interventions in the foreign-exchange market followed a relatively familiar script. The yen weakened too quickly, the Ministry of Finance issued increasingly explicit warnings, and Tokyo eventually bought its own currency to remind markets that some trajectories were not entirely unconstrained.
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MarketsCentral Banks: The End of the Interlude
For nearly fifteen years, advanced economies learned to live in a world where money cost almost nothing. Inflation was low, sometimes too low, interest rates hovered near zero, and central banks worried more about deflation than rising prices.