Anyone who has hit the usage limit on an AI subscription knows the problem: intelligence may be digital, but it is not free. At enterprise scale, that limit becomes a question of profitability. If agents consume more tokens than expected, the cost of automation can quickly start to look less attractive than the human labour it was supposed to replace.

The central bank of central banks has issued the most detailed official warning yet on the AI investment boom. Unlike 1996, this one is not about prices; it is about financing, and credit markets are already listening. Here is what to watch.

Europe built its economy on the assumption of mild summers. In a hotter climate, cooling becomes a productivity tool, a workplace safety requirement, and a new layer of building infrastructure.

Why the latest supreme court rulings are important for investors and our long-term USD-view

Time for a break or a brake?

Why the end of the oil shock is detonating a great rotation and where we take risk off

Alan Greenspan, who presided over the Federal Reserve for more than eighteen years and came to embody the very idea of central banking, died 22 June at his home in Washington at the age of 100. He leaves behind the legacy of a man celebrated as the “Maestro” of the global economy, before the crises that followed made his record more controversial.

The S&P 500 earnings yield has fallen below Treasury yields for the first sustained period since the dot-com era. Does this mark a new regime for equity investors?

Just as markets are moving past energy inflation, geopolitical risk and sticky central banks, another source of volatility is building in the Pacific, under the name of El Niño.

"How did you go bankrupt?" "Two ways. Gradually, then suddenly." Hemingway's famous exchange captures a recuring and growing concern surrounding the sustainability of sovereign debt.