In this episode of The Long and Short of the Week Ahead, Matt Jones is joined by Neil Staines to discuss the latest inflation data, central bank signals, and what they mean for the global rate outlook in 2026.

The conversation covers the UK macro backdrop, key global inflation prints, and why upcoming data will be critical for the Fed, the Bank of England, and other major central banks as markets reassess rate expectations.

Key topics discussed include:

• How weak demand and political dynamics are shaping the UK outlook and Bank of England expectations
• Why global inflation prints and domestic demand data matter for policy decisions in Australia, Europe, and emerging markets
• What US inflation, GDP momentum, and Fed communication mean for rate cut pricing and global macro sentiment

With inflation data, earnings season, and central bank speakers all in focus, this episode outlines the macro signals investors should be watching closely in the week ahead.

Recorded for professional investors.

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of The Long and Short of the Week Ahead podcast by Eurizon SLJ Capital, host Matt Jones speaks with Senior Portfolio Manager Neil Staines about the global macroeconomic outlook for 2026 and the key market drivers shaping the year ahead.

The discussion explores expectations for continued disinflation following 2025, the Federal Reserve’s policy outlook and interest rate expectations, and the implications for global markets. Neil outlines why this environment may remain broadly supportive for equities and bonds, while the US dollar faces relative pressure, particularly against Asian currencies.

The episode focuses on four core macro themes for 2026: inflation trends and emerging price risks; credit spreads following significant compression in 2025; equity market drivers, including AI capital expenditure and monetisation; and global bond market dynamics such as fiscal policy, central bank independence, and supply–demand imbalances.

Looking ahead to the week, the conversation highlights key economic data releases, with a strong emphasis on global inflation data across major developed and emerging economies, alongside critical US indicators including ISM surveys, labour market data, and non-farm payrolls. The episode concludes with a brief look at weekend sporting fixtures and the hosts’ long and short picks as 2026 gets underway.

 00:00 Introduction and Welcome
 00:46 Global Macro Outlook for 2026
 01:43 Key Macro Themes: Inflation, Credit, Equities, and Bonds
 03:17 Global Inflation Data and Economic Releases
 04:42 US Economic Data, the Fed, and Labour Markets
 07:34 Weekend Sports Highlights
 08:21 Long and Short Picks for 2026
 08:40 Conclusion and Closing Remarks 

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of 'The Long and Short of the Week Ahead', Matt Jones and Neil Staines from Eurizon SLJ Capital provide an in-depth analysis of the upcoming macroeconomic themes. Key highlights include the impact of the recent FOMC meeting on US rates and the dollar, anticipated economic data from Japan, Europe, Australia, and China, as well as central bank meetings in Indonesia, Mexico, Russia, and Colombia. The episode also examines the UK’s economic state and expectations for the Bank of England's next moves. Additionally, listeners get a preview of the upcoming sports events including Premier League matches, the end of the Formula One season, and England’s cricket tour in Australia.

00:00 Introduction and Welcome
00:27 US Economic Outlook: FOMC Insights
02:28 Global Economic Highlights
04:18 UK Economic Focus
06:03 Weekend Sports and Events
06:48 Final Thoughts and Farewell

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this week's episode of 'The Long and Short of the Week Ahead' by Eurizon SLJ Capital, hosts Matt Jones and Neil Staines delve into the upcoming global central bank meetings and their potential impact on monetary policy. With notable rate cuts from India and Poland, anticipated decisions from the RBA, Bank of Canada, Swiss National Bank, and emerging market banks like Brazil and Turkey, the episode provides comprehensive insights. Japan, China, Australia, and the UK's economic data are analysed for their impact on global markets. The discussion also previews the US Federal Reserve's forthcoming FOMC meeting and its fiscal implications for 2026. In closing, Matt and Neil touch on key weekend sports events, including Formula One, Premier League football, and the Ashes cricket series.

00:00 Introduction and Welcome
00:38 Global Monetary Policy Overview
02:53 Focus on Japan and China
03:41 UK and US Economic Outlook
05:55 Weekend Sports Highlights
07:11 Conclusion and Sign-Off

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of 'The Long and Short of the Week Ahead,' Matt Jones and Neil Staines from Eurizon SLJ Capital discuss the macroeconomic themes expected in the upcoming week. Key topics include the recent UK CPI data and the anticipated fiscal policies in the UK's budget, as well as notable economic updates from Europe, Japan, Australia, and the US. The podcast also touches on potential market volatility leading up to Thanksgiving and the upcoming sporting events over the weekend.

00:00 Introduction and Welcome
00:27 UK Macroeconomic Overview
02:20 Global Macroeconomic Highlights
03:58 US Economic Outlook
05:36 Weekend Sports Preview
06:50 Conclusion and Sign-off

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of 'The Long and Short of the Week Ahead,' Matt Jones and Neil Staines discuss key macroeconomic themes and market forecasts for professional investors. They focus on the UK's upcoming budget, potential fiscal impacts, and future economic projections. The discussion also covers European Central Bank policies, the Reserve Bank of Australia's hawkish stance, global PMI data, and anticipated economic indicators from the US post-government shutdown. Additional insights include economic updates from Poland, Chile, Colombia, Indonesia, and South Africa. Lastly, they touch on upcoming leadership events in sports, including football qualifiers, Formula One, boxing matches, and rugby games.

00:00 Introduction and Welcome
00:27 Focus on the UK Economy
02:26 European and Global Economic Outlook
04:23 US Economic Updates Post-Government Shutdown
06:08 Exciting Weekend Sports Preview
07:18 Conclusion and Closing Remarks

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this week's episode of 'The Long and Short of the Week Ahead,' Matt Jones, Head of Distribution at Eurizon SLJ Capital, is joined by Neil Staines, Senior Portfolio Manager, to discuss key macroeconomic themes. They analyze the Bank of England's decision to leave rates unchanged and its implications for UK growth. Global economic indicators from China, Australia, Europe, and the USA are also reviewed, including employment reports, GDP estimates, and inflation data. The episode concludes with a look at upcoming sports events and the anticipation surrounding them.

00:00 Introduction and Welcome
00:27 UK Macroeconomic Outlook and Bank of England
02:09 Global Economic Indicators to Watch
03:41 US Economic Update and Federal Data
05:09 Weekend Sports Preview
06:03 Conclusion and Closing Remarks

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of 'The Long and Short of the Week Ahead,' Matt Jones, Head of Distribution for Eurizon SLJ Capital, and Neil Staines, Senior Portfolio Manager, discuss recent developments in global monetary policies and their implications. They review actions by the ECB, Bank of Canada, and Bank of Japan, and look ahead to central bank announcements in various countries like Australia, Sweden, and the UK. The script also covers the latest from the Fed's FOMC meeting and concludes with a light-hearted take on upcoming sports events. The discussion is tailored for professional investors and provides insights into macroeconomic trends and forecasts.

00:00 Introduction and Welcome
00:28 Global Monetary Policy Overview
02:54 Focus on the UK Economy
04:35 Insights from the FOMC Meeting
07:15 Weekend Sports Highlights
08:37 Conclusion and Sign-Off

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this week's episode of 'The Long and Short of the Week Ahead' from Eurizon SLJ Capital, Matt Jones and Neil Staines discuss Europe's economic landscape, touching on the upcoming ECB meeting, German IFO, Q3 GDP, and CPI data. The global outlook includes central bank updates from Canada, Japan, Chile, and significant data releases from various countries. In the US, key topics include the delayed CPI print, FOMC meeting, rate cut expectations, and earnings reports from major companies. The episode concludes with a look at upcoming sports events and personal trade-offs for the weekend.

00:00 Introduction and Welcome
00:28 European Economic Outlook
02:07 Global Economic Highlights
03:34 US Economic Focus
05:24 Weekend Sports Preview
06:26 Closing Remarks and Disclaimers

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of 'The Long and Short of the Week Ahead,' Matt Jones of Eurizon SLJ Capital discusses key macroeconomic themes with Neil Staines. They focus on the upcoming UK budget, significant economic data releases, and expectations for monetary policy. Globally, they examine Q3 earnings, geopolitical tensions, and economic indicators from New Zealand, Japan, and the ECB. The discussion also covers important US economic data and corporate earnings, as well as potential impacts on markets. They wrap up with a look at upcoming sports events, including football, cricket, and Formula One.

00:00 Introduction and Welcome
00:28 UK Economic Outlook
01:58 Global Economic Trajectory
03:40 US Economic and Political Landscape
05:25 Weekend Sports Highlights
06:32 Closing Remarks and Disclaimers

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of 'The Long and Short of the Week Ahead', Matt Jones of Eurizon SLJ Capital is joined by Neil Staines to discuss upcoming macroeconomic themes for professional investors. They examine important UK economic data releases post-party conference season, including employment reports and the monthly GDP report. Globally, they highlight key data points from China, Europe, Australia, and emerging markets. The episode also addresses potential impacts of the US federal shutdown on data releases and upcoming Q3 earning season. To wrap up, they discuss weekend sports events, including World Cup qualifiers and the Women's World Cup Cricket. The episode aims to provide professional investors with critical insights for the week ahead.

00:00 Introduction and Welcome
00:28 UK Economic Outlook Post-Party Conference
01:57 Global Economic Data Highlights
03:24 US Economic Concerns Amid Federal Shutdown
05:09 Weekend Sports and Personal Insights
05:52 Conclusion and Closing Remarks

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of 'The Long and Short of the Week Ahead,' Matt Jones from Eurizon SLJ Capital and Neil Staines discuss the implications of Japan's LDP leadership election and the forthcoming economic data, including the quarterly Tankan survey and BoJ rate decision. The episode also explores key global economic events, focusing on German fiscal policy, European investor confidence, and inflation measures in Australia and New Zealand. The US economic outlook is highlighted amidst the ongoing government shutdown, with a focus on employment data and upcoming FOMC minutes. Entertainment and sports events for the weekend, including Premier League football and the Singapore Grand Prix, are also covered.

00:00 Introduction and Welcome
00:28 Japan's Economic Outlook and Political Changes
02:15 Global Economic Data and Events
03:56 US Economic Concerns Amid Government Shutdown
05:44 Weekend Sports Highlights
06:45 Conclusion and Closing Remarks

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode, Matt Jones and Neil Staines from Eurizon SLJ Capital discuss the significant macroeconomic themes for the upcoming week, focusing on major data releases and political events in Japan, global data from China, Australia, Switzerland, the Eurozone, and significant economic activities in the US, including the payroll data. They also touch upon the potential impact of these events on global markets. The episode concludes with an overview of key sports events, including cricket, rugby, football, golf, and Formula 1, offering a comprehensive guide for professional investors for the week ahead.

00:00 Introduction and Overview
00:40 Focus on Japan: Key Data and Political Events
01:49 Global Market Highlights: Key Data Releases
03:34 US Market Focus: Payroll Week and Key Events
04:53 Weekend Sports and Events
06:07 Conclusion and Closing Remarks

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of 'The Long and Short of the Week Ahead' by Eurizon SLJ Capital, Matt Jones and Neil Staines discuss key macroeconomic themes and monetary policy developments for professional investors. They analyse recent rate cuts by the Fed and other central banks, emphasising the implications for market trends and economic forecasts. The conversation also covers upcoming monetary policy decisions, expected data releases, and potential geopolitical influences, like the impact of Trump-Xi tariff discussions. The episode concludes with highlights of upcoming sporting events and personal predictions for the week.

00:00 Introduction and Welcome
00:28 Central Banks' Recent Actions
02:20 Global Monetary Policy Overview
02:46 Upcoming Economic Data and Events
04:12 US Economic Focus
05:36 Weekend Sports Highlights
06:38 Closing Remarks

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of 'The Long and Short of the Week Ahead,' Matt Jones and Neil Staines from Eurizon SLJ Capital discuss macroeconomic themes for the upcoming week, with a focus on the UK's economic data and monetary policy, global growth dynamics, and the US Federal Reserve's actions. The discussion also touches on upcoming key economic indicators from China, Europe, and Australia. 

UK: Fiscal Tightening Delayed, Monetary Cuts Deferred

• A full suite of UK data lands next week: jobs, CPI, retail sales, and the Bank of England meeting.
• The budget delay means fiscal tightening won’t appear in BoE projections until February.
• December rate cuts remain possible, but a faster cutting cycle is now more likely in early 2026.

Global: Complex Growth Dynamics Across Regions

• US CPI showed retailers’ weaker ability to pass on tariff costs, hinting at softer demand.
• China data (retail sales, industrial output, investment, jobs) will shape views on the recent equity rally.
• ECB signalled it is done cutting, while Japan, France, and the UK fiscal signals add to global uncertainty.

US: Weakening Labour Market, Disinflation, and Fed Cuts

• Jobs data undershot, with a sharp downward revision to payrolls and rising jobless claims.
• PPI data highlighted weakening demand, reinforcing the disinflationary backdrop.
• The Fed is expected to cut 25bps, but focus shifts to projections, the dot plot, and Powell’s guidance.

00:00 Introduction and Welcome
00:28 UK Economic Outlook and Monetary Policy
02:16 Global Growth Dynamics
03:59 US Economic Data and Fed Policy
06:58 Conclusion and Closing Remarks

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this week’s Long and Short of the Week Ahead, Matt Jones is joined by Senior Portfolio Manager Neil Staines to explore the macro themes shaping markets.

Key discussion points:

• Fiscal politics in focus: France heads toward a confidence vote after parliament rejects a prudent budget, while the UK faces rising fiscal uncertainty with tax hikes looking more likely than spending cuts. Both countries felt the pressure of bond vigilantes, with curve steepening rippling into global markets.
• ECB policy backdrop: European inflation is back at target, and growth has stabilised, but divergence between the periphery and the German core complicates the outlook. With policy at neutral, the ECB is likely to hold steady, though tariff risks and council divisions remain key watchpoints.
• US growth and jobs: A pivotal payrolls report and upcoming CPI print will set the tone for the Fed. Growth remains below equilibrium but resilient, with labor market moderation offset by AI-related CapEx. The debate over cuts toward the 3% neutral rate continues.

Plus: Neil shares his weekend picks — from cricket and football internationals to the US Open Tennis Finals and the Italian Grand Prix in Monza.

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this week’s episode of The Long and Short of the Week Ahead, Matt Jones is joined by Neil Staines, Senior Portfolio Manager at Eurizon SLJ Capital, to explore the macroeconomic themes shaping global markets.

Topics covered include:

• United Kingdom: Fiscal deterioration comes into focus as speculation builds over how the Chancellor will address the public finances in the autumn budget. The prospect of sharp growth downgrades and pressure on the Bank of England to accelerate rate cuts.
• Europe & Japan: Political uncertainty in France and Japan, and its potential market implications. Eurozone inflation, retail sales, and the latest ECB commentary.
• United States: A pivotal week with ISM surveys and, most importantly, the labour market. JOLTS, ADP, and non-farm payrolls will dominate the macro narrative, with unemployment at critical levels for both markets and the Fed.
• Emerging Markets: Inflation updates across multiple EM economies and a potential policy cut from Poland.
• Weekend Outlook: A packed sporting calendar from Premier League football and the Women’s Rugby World Cup to Formula 1’s Dutch Grand Prix.

Why it matters:
This week’s data releases — particularly US payrolls — carry significant weight for monetary policy expectations and global market sentiment. With fiscal headwinds mounting in the UK and political risks rising in Europe and Japan, investors face a complex backdrop where growth, inflation, and policy paths remain tightly interlinked.

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this week’s episode of The Long and Short of the Week Ahead, Matt Jones is joined by Neil Staines to explore the shifting global policy landscape following another complex week for markets.

We look ahead to Jackson Hole, where central bankers gather against a backdrop of conflicting signals: slowing labour markets, tariff-driven inflation, and divergent regional challenges. While Powell’s Friday speech is the headline, Neil highlights why Bailey, Lagarde, and Ueda may ultimately carry the more interesting messages for markets this time.

On the data front, a relatively quiet week still brings important releases, from the RBA minutes to German labour market indicators, Japanese retail sales, and the US PCE. Emerging market watchers will also note Polish unemployment, Mexican trade, and Czech and Indian GDP.

Zooming out, the UK’s fiscal deterioration and budget outlook remain a central theme, while in the US, the unemployment rate, hovering near the 4.3–4.5% policy-sensitive threshold, anchors the debate. With signs of slowing wage growth and waning sectoral catch-up, labour market demand is increasingly under scrutiny.

Neil also shares his weekend sporting highlights and closes with what he’s going long and short this bank holiday weekend.

Key Topics This Week:

• Global central bank dynamics: Powell, Bailey, Lagarde, and Ueda
• Data highlights: RBA minutes, German labour market, US PCE, and EM releases
• Macro focal points: UK fiscal tightening and US unemployment as the key policy triggers
• Weekend sport and Neil’s long & short calls

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of 'The Long and Short of the Week Ahead,' Matt Jones from Eurizon SLJ Capital engages with Neil Staines, Senior Portfolio Manager, to discuss recent macroeconomic data and its implications for global markets. They explore disappointing economic metrics from China and Germany, rate cuts from the RBA and the Bank of Thailand, and a dovish stance from the Norges Bank. They also analyse forthcoming trade data from the Eurozone and Japan, the impact of US tariffs, and the potential repercussions for growth and inflation on a global scale. The conversation includes insights into the UK’s GDP and employment figures, along with the anticipation of fiscal tightening. Additionally, they touch upon US inflation data and its potential effect on the Federal Reserve's future actions. The episode concludes with a brief discussion on upcoming sports events, showcasing a well-rounded end to the week’s analysis.

00:00 Introduction and Welcome
00:28 Global Economic Overview
02:09 UK Economic Insights
03:37 US Economic Data and Projections
05:19 Weekend Sports Highlights
06:15 Conclusion and Closing Remarks

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of "The Long and Short of the Week Ahead," Matt Jones and Neil Staines discuss the latest macroeconomic themes impacting global markets. The conversation covers the implications of new US tariffs, the outlook for US and global growth, and key economic data releases to watch in the coming week. The hosts also analyse recent monetary policy decisions from the Bank of England and preview upcoming events in China and Australia. The episode wraps up with a lighthearted look at the weekend's sports highlights and the hosts' "long and short" picks.

Key Topics:

• US tariffs: Impact on fiscal trajectory, inflation, and global growth
• Upcoming US economic data: CPI, PPI, retail sales
• China: CPI/PPI data, stimulus measures, and economic indicators
• Australia: RBA rate decision, labour market, and forward guidance
• UK: Bank of England's historic rate cut vote, fiscal challenges, and inflation outlook
• Sports roundup: Football, cricket, rugby, golf, and Formula 1

Episode Highlights:

• The complex effects of US tariffs on both domestic and global economies
• Whythe  upcoming US inflation and retail data are under close scrutiny
• China's economic data as a barometer for global demand
• The Bank of England's unusual voting process and its implications for UK monetary policy
• Fiscal tightening in the UK and its impact on future rate decisions
• Weekend sports picks and a friendly exchange about barbecue invites

Notable Quotes:

• "The US high-frequency macroeconomic data is now under a more acute scrutiny."
• "We see the prospect of a 50 basis point cut in November as high and rising."
• "Optimistically, we're gonna be long goals in the championship this weekend. And sadly, I'm currently very short on barbecue invites."

Further Insights:
For more analysis and insights, visit eurizonsljcapital.com.

Disclaimer: The views expressed are those of the presenters and do not necessarily reflect those of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. This content is for professional investors only.

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this week's episode of 'Long and Short of the Week Ahead,' presented by Eurizon SLJ Capital, Matt Jones and Neil Staines discuss key macroeconomic themes affecting the UK and global markets. They review recent UK headline inflation data, the rising unemployment rate, and consumer confidence indicators. Globally, they focus on Japan's political situation and its potential impact on interest rates, as well as upcoming minutes from the Reserve Bank of Australia and the European Central Bank's monetary policies. The episode also touches upon the light data calendar in the US, the intensifying trade negotiations, and an active earnings season. 

00:00 Introduction and Welcome
00:28 UK Economic Outlook
02:03 Global Economic Insights
03:41 US Economic Focus
04:42 Upcoming Earnings and Trade Negotiations
05:03 Weekend Sports Highlights
06:24 Conclusion and Sign-off

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

This episode of 'The Long and Short of the Week Ahead' by Eurizon SLJ Capital, hosted by Matt Jones and featuring Neil Staines, discusses the major macroeconomic themes and data releases anticipated for the coming week. The focus includes the implications of the recent US tariffs on Brazil and their potential impact on markets, inflation, and growth. The hosts also analyse global data from China, Germany, Australia, and Japan, and highlight important UK data releases and political developments. Additionally, the episode touches on the potential effects on financial markets and bank earnings. 

00:00 Introduction and Welcome
00:28 US Tariff and Trade Discussions
02:43 Global Economic Data Highlights
04:32 UK Economic Outlook
07:24 Conclusion and Disclaimers

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of 'The Long and Short of the Week Ahead,' Matt Jones from Eurizon SLJ Capital is joined by Neil Staines to discuss the macroeconomic themes expected to shape the coming week. They address potential rate cuts by the Bank of England, expected policy decisions from the RBA and RBNZ, and key data points from China and the Eurozone. The discussion also covers the implications of US economic data, fiscal policies, and the looming tariff deadline on July 9th. Additionally, the episode touches on upcoming sporting events, including cricket, football, Wimbledon, and the British Grand Prix.

00:00 Introduction and Welcome
00:29 Global Economic Outlook for the Week
02:33 Focus on US Economic Dynamics
04:15 Tariff Debates and Global Trade
05:31 Weekend Sports Highlights
06:52 Closing Remarks and Disclaimers

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of 'The Long and Short of the Week Ahead' by Eurizon SLJ Capital, Matt Jones and Neil Staines discuss the dominant macroeconomic themes and key financial market data for the upcoming week. They highlight the crucial updates in the US, including the ISM surveys and key employment statistics, such as non-farm payrolls. The discussion covers the ECB forum in Sintra, Portugal, where the world's central bankers will meet to discuss monetary policies. Key figures like ECB's Lagarde, the Fed's Powell, and Bank of England's Bailey will be closely monitored for their insights. The episode also touches on the likely impact of geopolitical events, US fiscal policies, and global trade negotiations. As the weekend approaches, notable sporting events such as Wimbledon, the FIFA Club World Cup, and the British and Irish Lions rugby tour are mentioned. Neil wraps up with a lighthearted take on personal plans for the weekend.

00:00 Introduction and Overview
00:41 Key US Economic Data to Watch
02:47 Global Central Bankers' Meeting in Sintra
04:44 Geopolitical and Fiscal Developments
06:17 Weekend Sports and Events
07:43 Conclusion and Final Thoughts

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.

In this episode of 'The Long and Short of the Week Ahead' by Eurizon SLJ Capital, Matt Jones and Neil Staines discuss the upcoming week's macroeconomic themes with a focus on the UK and global financial markets. They highlight the economic challenges facing the UK, including job losses and weak GDP prints, and anticipate potential monetary policy actions from central banks like the Bank of England, Swiss National Bank, and the Fed. The episode also touches on significant global data releases from Japan, China, Germany, and Australia, and reflects on the pressures and expectations surrounding US monetary policy. Additionally, Matt and Neil share their sports highlights for the weekend.

00:00 Introduction and Overview
00:41 Focus on the UK Economy
02:58 Global Central Banks' Announcements
05:08 US Monetary Policy and the Fed
07:02 Weekend Sports Highlights
07:54 Conclusion and Closing Remarks

The opinions expressed in this podcast are those of the presenters and do not necessarily reflect the views of Eurizon SLJ Capital, Eurizon Capital, or the Intesa Sanpaolo Group. The information and opinions shared are intended solely for professional investors and should not be relied upon by other investors. Please note that the information provided in this recording is for informational purposes only and is not intended to be complete or constitute an offer to buy or sell securities or any derivatives. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, for any investment strategy or financial instruments, the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this podcast and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication.