AI disruption raises credit cycle risks
The speed of AI-driven change is giving rise to a new form of structural credit risk - underpinned by an inability of legacy companies to amortise (gradually write off) debt, which potentially heightens the risk of permanent capital loss, rather than temporary earnings weakness. At least that’s the take of Richard Quin, chief investment officer at Bentham Asset Management, who expects AI-disrup
Fed’s Miran defends Trump tariff impact
Federal Reserve Governor Stephen Miran has defended the Trump administration’s trade tariff policy, arguing the economic impact has been less severe than widely feared and that foreign firms, rather than American consumers, are bearing much of the cost. Speaking on Monday at the Boston University Questrom School of Business, Miran said concerns that the surge in import taxes at the start of Pre
BP halts share buybacks, targets cost-cutting
BP has suspended its share buybacks as it pursues cost-cutting measures, while profits last quarter were in line with estimates. Its underlying replacement cost profit was US$1.54 billion, falling from $2.21 billion in the previous quarter but up from $1.17 billion one year ago. This matched LSEG estimates. “2025 was a year of strong underlying financial results, strong operational performan
CBA shares surge as half year profit beats expectations
Commonwealth Bank of Australia (CBA) has reported a 5% increase in net profit after tax (NPAT) to $5.412 billion for the first half of the 2026 financial year (H1 FY26), with shares rallying 7.9% by 12:15 pm AEDT (1:15 am GMT). Australia’s largest company said cash NPAT grew 6% to A$5.445 billion (US$3.85 billion) and cash earnings per share (EPS) rose 6.1% to 19 cents, on revenue which rose 6%
US consumer fatigue shows up in December data
After carrying the economy on its shoulders for most of the year, American shoppers hit the brakes in December, the most important month on the retail calendar. The official count showed retail sales unchanged from November, after a solid rise the month before. Markets were expecting a rise of 0.4%, but instead, households chose caution. Strip out a volatile like category cars, and the
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