Barclays Brief
- Episódios
- 58
- Publicação
- semanal
- Último episódio
- 10 nov 2026
Sobre o podcast
In a world of constant change, Barclays Brief is your weekly source for differentiated perspectives that cut through the noise. Each bite-sized episode delivers clear insights into the structural trends transforming sectors – from technology and healthcare to energy, industrials and beyond. Through sharp dialogue and scenario-based analysis, we help you navigate complexity, make meaningful connections and anticipate what’s next – whether you’re managing a portfolio or leading a business. Each week we dig deep into a key market theme, spanning equities, macro, credit and more, uncovering the forces shaping tomorrow to help you make smarter decisions today. Stay sharp. Stay briefed. Published by Barclays Investment Bank: https://www.ib.barclays/ Important content disclosures: https://www.ib.barclays/disclosures/important-content-disclosures.html Important non-Research content disclosures: https://www.ib.barclays/disclosures/important-nonresearch-content-disclosures.html
Episódios 58
Food security: a global risk
Food security is emerging as a growing concern. Extreme weather and geopolitical disruption are putting pressure on global food supplies, household budgets and the wider economy.In this episode of the Barclays …
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Food security is emerging as a growing concern. Extreme weather and geopolitical disruption are putting pressure on global food supplies, household budgets and the wider economy.
In this episode of the Barclays Brief, host Patrick Coffey speaks with Maggie O’Neal, Global Head of Sustainable Investing, Thematic and Public Policy Research, about rising food security risks and the impact of food inflation. Together they examine why higher food prices can hit emerging markets harder, where food accounts for a larger share of household budgets.
The discussion also explores how policy and technologies, from precision irrigation to new crop varieties, could strengthen food supplies. For consumers, policymakers and investors, the challenge is not just managing disruption but preparing for it.
This episode was recorded in London at 10:30am GMT on Monday 9 November.
Listeners can hear more related to this topic:
• UK Budget: What markets may be missing
• Has the protein boom peaked?
Clients can read more on Barclays Live:
• Food security: what to watch through year-end
• Investing in resilient food systems: food security solutions
• The fertiliser and weather risk nexus
• Adaptation in Action: A Global Universe of Solution Providers
• Strategic autonomy: food security in focus
• This El Niño looks set to break records, but at what cost?
This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.
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Chips, chokepoints and the battle for AI supremacy
Semiconductors sit at the heart of the AI revolution, but the global supply chains behind them are under growing pressure. As investment in AI accelerates, highly concentrated capabilities across advanced …
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Semiconductors sit at the heart of the AI revolution, but the global supply chains behind them are under growing pressure. As investment in AI accelerates, highly concentrated capabilities across advanced manufacturing and critical materials are creating strategic chokepoints, while geopolitical pressures are reshaping how these global supply chains must operate.
Recorded at the Barclays Asia Forum, host Patrick Coffey is joined by Chris Miller, New York Times bestselling author of Chip War: The Fight for the World’s Most Critical Technology, to explore the vulnerabilities within the semiconductor ecosystem, the challenge of national semiconductor self-sufficiency and why the politicisation of AI may just be getting started.
Looking ahead, they consider the next wave of AI adoption, from accelerating research and development in biotechnology and pharmaceuticals to the rise of physical AI. They also examine what this changing landscape means for business leaders, including how boards shouldn’t underestimate geopolitical shifts.
Read more on the topic:
- 10 things you need to know about humanoid robots
- Robots roll out, economies rewire
- AI gets physical: Innovation meets opportunity
- Talent and trade: The new battlegrounds in AI
Listeners can also explore the topic further in previous Barclays Brief episodes:
Important non-Research content disclosures
This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.
Capítulos (6)
Navigating the AI rotation in Asia
As investors reassess the AI trade, attention is shifting towards how the next phase of the cycle could play out across Asia. The region remains central to global AI investment, but changing sentiment is …
Notas do episódio
As investors reassess the AI trade, attention is shifting towards how the next phase of the cycle could play out across Asia. The region remains central to global AI investment, but changing sentiment is creating a more complex mix of opportunities and risks.
Recorded at the Barclays Asia Forum in Singapore, host Patrick Coffey was joined by JF Mastrangelo, Head of Markets, APAC, to discuss distinct investment cases across the region. They explore how Korea and Taiwan offer different forms of exposure to the AI investment cycle, and how the scale of the semiconductor sector can extend its effects into their wider economies. They also highlight how India’s domestic growth and banking sector could provide diversification beyond the AI infrastructure trade.
The conversation also covers China’s strength in exports, including green technology and AI-related products, and Japan’s combination of domestic growth and exposure to AI manufacturing.
For investors, the discussion highlights the importance of assessing Asia market by market, while remaining mindful of differences in valuation, volatility and sensitivity to the AI cycle.
Clients can read more on Barclays Live:
Taiwan Semiconductor Manufacturing Company: Confidence growing
Positioning for AI Disruption: The Next Phase of Enterprise Adoption
AI in China: From AI investment to adoption
Listeners can also explore the topic further:
Trump-Xi: Stability without resolution
Pacing the Frontier: What’s next for AI?
Opportunities in Asian Equities
The US consumer won't quit
The US consumer has proved to be more resilient than expected, supported by a constructive employment backdrop, income growth and rising household wealth. But beneath that aggregate strength, behaviour is …
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The US consumer has proved to be more resilient than expected, supported by a constructive employment backdrop, income growth and rising household wealth. But beneath that aggregate strength, behaviour is shifting. Consumers are becoming more selective, and their ability to absorb further inflation is becoming increasingly divided by income.
In this episode of the Barclays Brief, host Ronnie Wexler speaks with Priya Ohri-Gupta, Head of US High Grade Research and US Consumer Credit Research Analyst, about the state of US consumer resilience and why it is increasingly uneven.
They explore the emergence of a two-speed consumer economy, with higher-income households supported by wealth creation while lower-income consumers face greater pressure on their ability to spend. At the same time, consumers across the board are becoming more deliberate about where their money goes, seeking value and trading down.
Ronnie Wexler and Priya Ohri-Gupta also consider the signals that could point to weakening demand, and how inflationary pressures currently being absorbed by retailers could test resilience into 2027.
As US consumers become more selective, investors may need to follow suit. With the important holiday spending period approaching, Ohri-Gupta considers the characteristics that could differentiate consumer and retail businesses as spending patterns evolve.
Listeners can hear more related to this topic:
• Negative headlines, resilient markets
• Do high gas prices change how Americans buy cars?
Clients can read more on Barclays Live:
• State of the US consumer: The consumer who won't quit
This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.
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UK Budget: What markets may be missing
Ahead of the UK Autumn Budget, the consensus view is that higher borrowing costs and a weaker fiscal backdrop have left the Chancellor of the Exchequer with little room to manoeuvre. But what if markets are …
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Ahead of the UK Autumn Budget, the consensus view is that higher borrowing costs and a weaker fiscal backdrop have left the Chancellor of the Exchequer with little room to manoeuvre. But what if markets are focusing on the wrong part of the story?
In this episode of the Barclays Brief, host Patrick Coffey sits down with Jack Meaning, Chief UK Economist at Barclays, to examine why expectations of a sharp squeeze of the Chancellor’s fiscal headroom may be overstated. While higher gilt yields have dominated the debate, stronger nominal earnings and tax receipts could leave the Chancellor in a more resilient position than many investors assume, at least for now.
The conversation explores the outlook for inflation, interest rates and the UK Budget, alongside signs of stronger business investment, the potential productivity benefits of AI and why the UK may be emerging as a relative source of stability in Europe.
For investors, businesses and households alike, the key question is whether the prevailing narrative on the UK has become too negative and what that could mean for growth, markets and policy in the months ahead.
This episode was recorded on Wednesday 7 October at 10:30am British Summer Time.
Listeners can hear more related to this topic:
• Brexit, Burnham and Britain's next decade
• French bonds: OAT of control
• Do debt managers or markets set the price of long bonds?
Listeners can hear more related to this topic:
• The direct fiscal effects of quantitative easing and tightening
• UK Rates Strategy: Chancellor Healey meets the bond market: ‘let sleeping dogs lie’
This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.
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French bonds: OAT of control
French government bonds, or OATs, are under growing pressure. While rising yields reflect a broader sell-off across European markets, concerns over France’s fiscal trajectory and political uncertainty are …
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French government bonds, or OATs, are under growing pressure. While rising yields reflect a broader sell-off across European markets, concerns over France’s fiscal trajectory and political uncertainty are driving an additional risk premium.
In this episode of Barclays Brief, host Patrick Coffey is joined by Rohan Khanna, Head of European Rates Strategy, to examine why investors are demanding greater clarity before returning to French debt. They consider how persistent budget deficits, substantial debt issuance and political fragmentation have contributed to the widening OAT-Bund spread, and why the 2027 presidential and parliamentary elections will be critical for market confidence.
Khanna also draws an important distinction for investors: the pressure on French bonds reflects a repricing of France’s fiscal and political risk, not a repeat of the 2011–12 eurozone debt crisis. Looking ahead, attention will turn to whether the next administration will have the willingness and ability to address France’s fiscal trajectory. Until there is greater clarity, volatility may persist and investors could continue to demand a higher risk premium for holding French debt.
Clients can read more on Barclays Live:
- French banks: Standing OAT of the crowd
- Euro Area: Rates Strategy - OAT of the frying pan into the fire
- Macro x Politics: Not just another French election
- Thinking Macro: Three stories. Not one.
Listeners can also explore the topic further:
Negative headlines, resilient markets
Markets have spent much of 2026 confronting higher bond yields, tighter central bank policy and elevated oil prices. By historical standards, that should have been enough to derail growth. Instead, markets and …
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Markets have spent much of 2026 confronting higher bond yields, tighter central bank policy and elevated oil prices. By historical standards, that should have been enough to derail growth. Instead, markets and the global economy have continued to surprise to the upside.
In this episode of Barclays Brief, host Ronnie Wexler is joined by Ajay Rajadhyaksha, Global Chairman of Research, to discuss the thinking behind Barclays Research's latest Global Outlook, Reluctantly Optimistic. They explore why the traditional relationship between higher rates and weaker growth appears to be weakening, and how a powerful AI investment cycle is helping sustain economic momentum.
The conversation also examines the strength of US corporate earnings, the resilience of the US consumer and early signs that AI-driven productivity gains are extending beyond the largest technology companies. While risks remain, particularly around sovereign debt and bond markets, Rajadhyaksha argues that the fundamental drivers supporting growth and risk assets remain firmly in place.
This episode was recorded on Monday 28 September at 5:00pm British Summer Time.
Listeners can hear more related to this topic:
- Barclays Brief #49: Pacing the Frontier: What’s next for AI?
- Barclays Brief #48: US Rates: Higher for longer
- The Flip Side #87: Do debt managers or markets set the price of long bonds?
Clients can read more on Barclays Live:
Important Non-Research Content Disclosures
This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.
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Trump-Xi: Stability without resolution
The recent summit between Presidents Donald Trump and Xi Jinping brought greater stability to US-China relations, but little substantive resolution. Continued dialogue and an extension of the trade truce offer …
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The recent summit between Presidents Donald Trump and Xi Jinping brought greater stability to US-China relations, but little substantive resolution. Continued dialogue and an extension of the trade truce offer grounds for optimism, however major questions around trade, geopolitics and AI remain unresolved.
In this episode of Barclays Brief, host Patrick Coffey is joined by Mitul Kotecha, Head of FX & EM Macro Strategy, Asia, to consider the implications for Asian markets.
They explore how strong AI-related demand continues to support technology exporters, particularly Korea and Taiwan, with related investment and activity providing support elsewhere in the region. Beyond the tech sector, moves in US rates have been a significant driver of recent pressure across Asian bond markets. Currency markets present a similarly differentiated picture, with policy tightening in Japan yet to provide sustained support for the yen.
Turning to energy markets, Kotecha points out that while India and the Philippines remain relatively vulnerable as major energy importers, the region has proved more resilient than expected to elevated oil prices.
For markets, the central message is that geopolitics is becoming increasingly difficult to separate from the economic story. From trade and technology to supply chains, rates and currencies, the interaction of these forces makes China and the broader Asian region increasingly important for investors to watch.
Clients can read more on Barclays Live:
- FX & EM Macro Strategy - FX Views for the Year Ahead
- FX & EM Macro Strategy Quarterly Outlook -The FX effect of global reflation
- China-US Watch More signalling, less substance
- Q4 2026 Global Outlook – Reluctantly Optimistic
Listeners can also explore the topic further:
- Pacing the Frontier: What’s next for AI?
- Japan: Why the world is watching
- Opportunities in Asian Equities
Pacing the Frontier: What’s next for AI?
As AI models become increasingly capable, questions around safety and oversight are growing. Recent cybersecurity incidents have intensified the debate over whether frontier AI development needs to slow down …
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As AI models become increasingly capable, questions around safety and oversight are growing. Recent cybersecurity incidents have intensified the debate over whether frontier AI development needs to slow down, or "pace," while labs introduce stronger guardrails.
In this episode of Barclays Brief, host Ronnie Wexler speaks with Senior Internet Research Analyst Ross Sandler about what pacing could mean for the future of AI investment and innovation. They discuss why more rigorous safeguards could increase development costs, how major labs may respond, and whether pacing could change the competitive landscape.
Despite the challenges, Sandler remains optimistic about AI. As models become more powerful and more computing capacity becomes available, he sees the potential for major breakthroughs across medicine, biology, science and mathematics. For investors, the question is whether stronger safeguards will materially slow industry growth and innovation, or simply become part of AI’s continued evolution.
Listeners can hear more related to this topic:
Clients can read more on Barclays Live:
- Compute Increases ~18% From Frontier Lab 'Pacing'
- AI-fueled Credit Supply: the slice keeps getting bigger
Important Content Disclosures
Important Non-Research Content Disclosures
This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.
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US Rates: Higher for longer
Markets began 2026 expecting interest rate cuts. Instead, investors have faced a sharp repricing in bond markets, with the US 10-year Treasury yield reaching 5% and growing debate around whether policy may need …
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Markets began 2026 expecting interest rate cuts. Instead, investors have faced a sharp repricing in bond markets, with the US 10-year Treasury yield reaching 5% and growing debate around whether policy may need to remain restrictive for longer.
In this episode of Barclays Brief, host Patrick Coffey speaks with Dan Orlando, Head of US Rates Trading, about one of the most important questions facing investors today: why has the US economy remained so resilient despite elevated yields and restrictive monetary policy?
The discussion explores what has driven the recent move higher in Treasury yields, how investors are reassessing the outlook for interest rates, and why this cycle appears different from previous periods of monetary tightening. Orlando explains how a surge in AI-related capital expenditure and data centre investment is helping support economic activity, potentially reducing the impact that higher borrowing costs would normally have on growth.
The conversation also examines the housing market, Treasury buybacks, investor positioning and why developments in US rates increasingly need to be viewed through a global lens as bond markets across the US, Europe and Japan continue to move together.
For investors, the key issue is not simply whether rates remain higher for longer, but whether restrictive policy is having the same effect on economic activity that it has in previous cycles, and what that could mean for markets if growth continues to prove resilient.
Clients can read more on Barclays Live:
Listeners can also explore the topic further:
- Ep 47: The Multi-Trillion-Dollar Energy Race
- Ep 42: AI credit supply tests market capacity
- Ep 41: Challenging market consensus
- Ep 40: Cooling the AI buildout
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The Multi-Trillion-Dollar Energy Race
Markets are fixating on the billions being invested in AI. But a second massive investment story related to energy is emerging and investors need to pay attention.In this episode of Barclays Brief, host Patrick …
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Markets are fixating on the billions being invested in AI. But a second massive investment story related to energy is emerging and investors need to pay attention.
In this episode of Barclays Brief, host Patrick Coffey speaks with Harry Mateer, Head of Americas FICC Research at Barclays, about why energy could become one of the defining macro themes of the coming decade. As energy security concerns persist, economies electrify and AI accelerates demand for power, the world must build and maintain multiple energy systems at once, requiring investment on a scale markets may be underestimating.
Mateer explains why demand is growing across virtually every major energy source, why annual energy investment could reach roughly $3.6 trillion, and how a global shift towards resilience and reliability is changing the way governments, companies and investors think about energy. The discussion explores which regions are best positioned for this new era, the implications for inflation, and why energy can be viewed as a growth opportunity rather than a traditional value sector.
For investors, the global energy race is about far more than oil, gas or renewables. It is a multi-trillion-dollar competition for capital, infrastructure and strategic advantage that could reshape the global economy for decades to come.
Clients can read more on Barclays Live:
•The global energy race: Energy in the age of fragmentation
Listeners can also explore the topic further:
- Impact Series #15 The global energy race
- Ep 45: Nuclear fusion: Tomorrow's solution to today's problem
- Ep 42: AI credit supply tests market capacity
- Ep 40: Cooling the AI buildout
- Ep25: The cusp of a capex supercycle
- Impact Series #13 AI revolution: Meeting massive AI infrastructure demands
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European equities heat up
European equities have been one of the standout market stories of the year. Despite trade tensions, geopolitical uncertainty and persistent questions about growth, the region has delivered unexpectedly strong …
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European equities have been one of the standout market stories of the year. Despite trade tensions, geopolitical uncertainty and persistent questions about growth, the region has delivered unexpectedly strong equity performance, challenging assumptions about where investors can find opportunity.
In this episode of Barclays Brief, host Patrick Coffey speaks to Emmanuel Cau, Head of European & Asia Equity Strategy, about what’s driving this resilience. They explore the convergence of several tailwinds, including stronger-than-expected growth, a boom in manufacturing and investment, and renewed demand for diversification beyond large-cap technology stocks.
The discussion also examines why earnings growth is becoming increasingly important in a higher-for-longer interest-rate environment. Cau also challenges the idea that Europe is merely an anti-AI trade, highlighting how the region is benefiting from the broader AI investment cycle.
Looking ahead, they discuss the factors that could determine whether Europe's strong equity performance continues, including the role of banks, the outlook for earnings, and the geopolitical and energy-related risks investors need to watch.
Clients can read more on Barclays Live:
•Earnings Season Watch: Learnings from Q2 earnings – higher for longer
•Equity Market Review: US cools, Europe heats up
•European Equity Strategy: France – Deficits, elections and déjà vu
Listeners can also explore the topic further:
• European rates: Inflation & AI waves collide
Nuclear fusion: Tomorrow's solution to today's problem
Nuclear fusion has long been viewed as a transformational energy breakthrough, capable of delivering abundant, zero-carbon at operation energy by recreating the same reaction that powers the sun. Recently, a …
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Nuclear fusion has long been viewed as a transformational energy breakthrough, capable of delivering abundant, zero-carbon at operation energy by recreating the same reaction that powers the sun. Recently, a series of scientific milestones, rising electricity demands and the global competition for energy have moved the conversation from theoretical possibility towards commercial reality.
In this episode of the Barclays Brief, Jordan Isvy, Sustainable Investing Research Analyst, joins Patrick Coffey, Global Head of Product Management Group, Research, to explain the science behind fusion, the challenges on the path to commercial deployment and timelines for adoption. They explore the factors driving the focus on fusion, including AI-driven demand, and where progress is accelerating across the globe.
For investors, the opportunity may begin long before fusion reaches the grid. The discussion covers emerging opportunities across the value chain and what a future powered by nuclear fusion could look like.
Clients can read more on Barclays Live:
Listeners can also hear more episodes on this topic:
- Ep 40 Cooling the AI buildout
- Ep 31 Inflation crosscurrents: Energy vs AI
- Ep 26 The quantum computing moment
Important Content Disclosures
Important Non-Research Content Disclosures
Barclays provides financial services to a range of sectors including high-emitting industries such as oil and gas. We’re working to reduce the emissions we finance and support clients in the transition; for more information visit home.barclays/climatechange
Japan: Why the world is watching
Little more than a week ago, a rare, coordinated US-Japan intervention to support the yen caught investors’ attention. Coupled with rising expectations of another Bank of Japan (BoJ) rate hike and Prime …
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Little more than a week ago, a rare, coordinated US-Japan intervention to support the yen caught investors’ attention. Coupled with rising expectations of another Bank of Japan (BoJ) rate hike and Prime Minister Sanae Takaichi's expansionary fiscal agenda, the country appears to be undergoing a profound transition, bringing new questions for investors around the world.
In this episode of the Barclays Brief, host Patrick Coffey and Yoichi Takemura, Head of Macro Trading, Japan, explore what Japan's economic normalisation may mean for investors and markets worldwide. This discussion goes well beyond the currency; from interest rates to capital flows, investors are increasingly focused on how Japan's policy shift could influence markets around the world.
As policymakers balance growth, inflation, currency stability and public finances, investors are paying closer attention to developments in Japan. The question is not simply where the yen goes next, but how one of the world's largest economies navigates a very different environment from the one it has known for decades.
Listeners can also hear more episodes on this topic:
Clients can read more on Barclays Live:
- Our call for next rate hike frontloaded to September with latest BoJ summary
- Scope for increasing retail JGB investment
- JPY: Joint intervention to the rescue
This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.
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US equities: Beyond the pullback
After a spring sell-off and renewed summer weakness in technology stocks, uncertainty has remained a defining feature of the investment landscape. During the market sell-off following the start of the US-Iran …
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After a spring sell-off and renewed summer weakness in technology stocks, uncertainty has remained a defining feature of the investment landscape. During the market sell-off following the start of the US-Iran conflict, Venu Krishna, Head of U.S. Equity and Equity Linked Strategy, challenged the subdued market narrative with his end-of-year expectations for the S&P 500.
Several months on, with volatility still elevated and fresh questions emerging around rates, AI investment and the broader macro backdrop, he joined the Barclays Brief to speak with Ronnie Wexler, Global Head of Equities Distribution, to explain why he remains constructive on US equities.
In this discussion, Krishna explains how his team’s thinking has evolved since that spring call and the factors shaping their view today. Together, they explore the strength of the earnings backdrop, the risks that could challenge market momentum and why recent weakness in parts of the technology sector may not tell the full story.
The conversation also examines Krishna’s recent research into disruption winners and losers. Drawing on previous periods of technological change, he explains the characteristics that have historically separated companies that adapted from those that struggled. As AI continues to reshape industries and business models, the research offers an historical lens through which investors can view one of today’s most significant market themes.
Clients can read more on Barclays Live:
Disruption '26: A Framework for Differentiating Disruption Winners & Losers
Food for Thought: Buyback pullback
Listeners can also hear more episodes on this topic:
Ep42 AI credit supply tests market capacity
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AI credit supply tests market capacity
The AI buildout is fuelling a wave of new credit supply, and the sheer volume of debt is starting to test the market's capacity to absorb it. Year-to-date, the AI ecosystem has accounted for roughly 20% of all …
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The AI buildout is fuelling a wave of new credit supply, and the sheer volume of debt is starting to test the market's capacity to absorb it. Year-to-date, the AI ecosystem has accounted for roughly 20% of all US corporate bond issuance, and the six hyperscalers are now bigger than the big six banks in some key measures.
In this episode of Barclays Brief, Ronnie Wexler, Global Head of Equities Distribution, and Dominique Toublan, Head of US Credit Strategy, discuss how AI financing is reshaping credit markets, why investors are demanding greater compensation to absorb this wave of new issuance, and what growing concentration among hyperscalers could mean for the broader investment-grade market.
They also discuss how these companies are tapping every available funding channel, from public bonds and private credit to securitised markets and equities, to finance the AI buildout and why that is drawing increasing attention from equity investors.
Listeners can hear more related to this topic:
Clients can read more on Barclays Live:
- AI-fueled Credit Supply: the slice keeps getting bigger
- Hyperscalers: Too wide to ignore, too much supply to chase
- Powering AI: Demystifying Data Center Cooling & Water Use
Important Content Disclosures
Important Non-Research Content Disclosures
This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.
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Challenging market consensus
Markets can become crowded around consensus views. In this episode of the Barclays Brief, Patrick Coffey is joined by Brian Kuritzky from our Rates Sales team to explore potential investor complacency, from …
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Markets can become crowded around consensus views. In this episode of the Barclays Brief, Patrick Coffey is joined by Brian Kuritzky from our Rates Sales team to explore potential investor complacency, from expectations for the Fed to the way political risk is being priced.
The conversation focuses on three ideas Kuritzky believes deserve more attention: the risks around energy and inflation expectations, the great wealth transfer and its potential impact on US economic resilience, and the headwinds facing the AI CapEx cycle including the domestic political pushback against data centre expansion.
They also discuss why a more resilient US consumer could make it harder for the Fed to cut interest rates, why dips in rates may create investment opportunities, and why market volatility may not be fully reflecting the uncertainty around policy, election and cross-asset risks.
Clients can read more on Barclays Live:
Listeners can also hear more episodes on this topic:
- Episode 39: Opportunities in Asian Equities
- Episode 35: US equities: short-term pain, long-term gain?
Cooling the AI buildout
Power constraints have dominated the conversation around AI infrastructure, but the buildout is facing a broader convergence of execution risks. Cooling, water use, permitting, labour shortages and growing …
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Power constraints have dominated the conversation around AI infrastructure, but the buildout is facing a broader convergence of execution risks. Cooling, water use, permitting, labour shortages and growing local opposition are emerging as critical factors that could affect where and how quickly new data centres are built.
In this episode of Barclays Brief, Ronnie Wexler, Global Head of Equities Distribution, speaks with Will Thompson, Thematic Investing Research Analyst, about the challenges shaping the next phase of AI infrastructure. They explore why cooling is becoming increasingly important, how water use is emerging as a key consideration in data centre operations, and what these pressures could mean for deployment timelines and market expectations.
They also discuss how hyperscalers are taking different approaches to cooling and water use, highlighting the complexity of balancing efficiency, sustainability and local impacts. Together, these pressures point to execution risks that may not yet be fully reflected in markets.
Listeners can hear more related to this topic:
Clients can read more on Barclays Live:
- Powering AI: Demystifying Data Center Cooling & Water Use
- Powering AI: New Amazon Data Center Water Disclosure Implies High Electricity Use
Important Content Disclosures
Important Non-Research Content Disclosures
This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.
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Opportunities in Asian Equities
Investor positioning across Asian equities is shifting, with opportunities increasingly driven by market-specific factors rather than a single regional or thematic narrative.In this episode of Barclays Brief …
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Investor positioning across Asian equities is shifting, with opportunities increasingly driven by market-specific factors rather than a single regional or thematic narrative.
In this episode of Barclays Brief, Patrick Coffey is joined by Kaan Singh, Head of APAC Barclays Equities Tactical Strategies and Flow Equity Derivatives, to dive in to where investors are putting money to work in Asia and why.
They discuss the rotation toward Japan, as investors look beyond the most crowded AI and semiconductor trades and search for more durable structural themes. Alongside this, the conversation explores early signs of re-engagement in China, supported by improving market sentiment and upcoming tech IPOs, and Korea’s highly concentrated semiconductor and high-bandwidth memory (HBM) market.
Looking ahead, they consider how market expectations around AI investment are evolving and offer a clearer lens on how opportunities across Asian equities could develop.
Clients can read more on Barclays Live:
- Cross Asset Research, Korea: Large investment plan from the semiconductor manufacturers
- Samsung & SK Hynix: Pricing Tailwinds Intact
- Thinking Macro: The best AI value might be hiding in Tokyo
- China Technology: The Forest Report – 1Q26 Edition
- Asia Credit Alpha: AI central in Korea/China
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Brexit, Burnham and Britain's Next Decade
Ten years after the Brexit referendum, many studies assess the effects on the UK economy as negative, pointing to weaker growth, lower investment and a tighter fiscal backdrop as its legacy. But the focus now …
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Ten years after the Brexit referendum, many studies assess the effects on the UK economy as negative, pointing to weaker growth, lower investment and a tighter fiscal backdrop as its legacy. But the focus now is forward-looking. After Andy Burnham set out his 10-year economic vision centred on devolving more power to Britain’s cities and regions, the debate is shifting from what Brexit changed to what kind of economic model could define Britain’s next decade.
Joining Patrick Coffey, UK Chief Economist Jack Meaning reviews the state of the UK economy today, including subdued growth, inflation that remains close to 3%,and the limited room any future Chancellor has on borrowing, tax and spending. They examine whether greater devolution could support stronger growth and identify potential policy changes investors should watch. They also highlight why the UK’s underlying fundamentals may be stronger than market sentiment often suggests.
This episode was recorded on Monday 29 June at 3pm British Summer Time.
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Can football fever lift the economy?
The World Cup has kicked off across North America in its largest and most geographically dispersed format yet. This year, the tournament expands to 48 teams (up from 32 in 2022), 104 matches (vs. 64) and 16 …
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The World Cup has kicked off across North America in its largest and most geographically dispersed format yet. This year, the tournament expands to 48 teams (up from 32 in 2022), 104 matches (vs. 64) and 16 host cities across the US, Canada and Mexico. The scale is set to drive a surge of visitors, viewership and national pride, but the economic payoff may be short-lived.
In this episode of Barclays Brief, Ronnie Wexler, Global Head of Equities Distribution, sits down with Pooja Sriram, Senior US Economist, to discuss the tournament’s economic implications for host countries, how viewership could translate into value, which sectors stand to benefit most and why demand looks uneven.
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- World Cup 2026: Viewership drives value
- Cupflation: The World Cup effect on prices
- ¡Goool! World Cup Day 1
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The rise of the consumer health economy
Consumer health is undergoing a structural shift, moving beyond traditional treatment and becoming embedded in everyday spending. Where consumers were once focused on curing illness, they are increasingly …
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Consumer health is undergoing a structural shift, moving beyond traditional treatment and becoming embedded in everyday spending. Where consumers were once focused on curing illness, they are increasingly aiming for prevention, with demand extending across categories from supplements and sports nutrition to oral health and functional foods.
In this episode of the Barclays Brief, Patrick Coffey is joined by Warren Ackerman, Head of European Consumer Staples Research, to explore how this shift in consumer behaviour is reshaping the industry.
They discuss how the COVID-19 pandemic accelerated consumer interest in self-care, driving sustained demand for health-related products and increasing the role of e-commerce in the category. The conversation also examines where growth is emerging today, from increased spend in established categories to new areas supported by advancing science, as well as how these trends differ across developed and emerging markets.
They explore how the industry is evolving as it becomes more consumer-led, and where the next opportunities lie, including e-commerce and more personalised health solutions.
Clients can read more on Barclays Live:
- The Future of Consumer Health: Growing Pains
- Consumer Health: The leaders and laggards
- India Consumer Health: The next battleground
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US equities: short-term pain, long-term gain?
US equities have delivered strong gains year-to-date, despite a challenging macro backdrop, but that momentum is beginning to look less secure. While fundamentals remain supportive, the near‑term setup is …
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US equities have delivered strong gains year-to-date, despite a challenging macro backdrop, but that momentum is beginning to look less secure. While fundamentals remain supportive, the near‑term setup is becoming more stretched.
In this episode of Barclays Brief, Patrick Coffey is joined by Alex Altman, Head of Equity Tactical Strategies in our Markets division, to break down his shift to a short-term tactically cautious view.
They discuss how the balance of risks has begun to shift, with elevated euphoria and crowded positioning — particularly in AI‑linked momentum trades — leaving markets more exposed if that positioning unwinds. At the same time, higher real yields are starting to weigh on valuations, making the forward return profile less compelling, despite resilient earnings and macro data.
They also examine equity supply, with a growing pipeline of IPOs and broader issuance adding complexity to the near‑term outlook.
Taken together, these dynamics point to a more fragile setup. Patrick and Alex explore how the market may evolve and what role a pullback could play in resetting the current environment.
Clients can read more on Barclays Live:
- The Global Volatility Pulse: Macro stumble, technical reset
- Equity Market Review: Shaky momentum, nascent rotation
- U.S. Equity-Linked Strategies: AI Capex Funding: Why Equity? Why Converts?
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The Fed’s next move
The path for US interest rates has shifted sharply in recent months, as markets move from pricing rate cuts to pricing a potential hike. In this episode, Ronnie Wexler sits down with Barclays’ Chief US …
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The path for US interest rates has shifted sharply in recent months, as markets move from pricing rate cuts to pricing a potential hike. In this episode, Ronnie Wexler sits down with Barclays’ Chief US Economist Marc Giannoni to look at what’s driving that shift.
At the centre of the discussion is inflation. While headline inflation has been pushed higher by rising energy prices driven by the Iran war, the key question for new Fed chair Kevin Warsh is whether those pressures feed through into core inflation and ultimately shift longer-term expectations. That, Giannoni argues, is what could determine the Fed’s next move.
The conversation also turns to the US consumer. Slowing real income growth, higher gasoline prices and a cooling labour market are starting to weigh on household spending, raising questions about how resilient demand can remain. Whilst these pressures could drive consumer spending down, the US consumer has surprised to the upside many times before according to Giannoni.
So what should investors watch next? From inflation prints to consumer behaviour, listen to learn which signals could shape the Fed’s policy path in the months ahead.
Clients can read more on Barclays Live:
- Waiting for the deal
- What would trigger a 2026 Fed hike?
- Consumers feeling the strain
- April consumer spending moderating amid faltering income
Listeners can also hear more episodes on this topic:
- Inflation crosscurrents: Energy vs AI
- Decoding the bond sell-off
- Do high gas prices change how Americans buy cars?
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AI goes economy-wide
Productivity growth has been uneven across many sectors and economies. But AI in the form of humanoid robotics could change that, extending automation into physical services at scale.In this episode of Barclays …
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Productivity growth has been uneven across many sectors and economies. But AI in the form of humanoid robotics could change that, extending automation into physical services at scale.
In this episode of Barclays Brief, Patrick Coffey is joined by Christian Keller, Head of Economics Research, to discuss what this shift could mean for productivity and the wider macro outlook. Keller explains that while a jobless future remains unlikely, the long‑running balance between labour and capital could continue to evolve as a broader range of tasks are automated.
The conversation explores how combining cognitive and physical automation increases capital intensity and raises the importance of inputs such as electricity and commodities. They also consider how these forces could influence inflation dynamics and interest rates.
As automation spreads into the physical economy, understanding where productivity gains may accrue – and what constrains them – becomes increasingly important. Listen now to hear the full discussion.
Clients can read more on Barclays Live:
•How humanoid robotics matters for macro
•Ten things to know about humanoids
•The decade of the robot belongs to China
•Embodied AI: Wealth creation or economic displacement?
Listeners can also hear more episodes about developments of physical AI:
•Robots deliver dinner and profits
Decoding the bond sell-off
Global bond yields have been rising sharply, with long-term yields breaking higher across multiple markets - pushing US 30‑year yields above 5%.The sell-off was initially triggered by energy-linked inflation …
Notas do episódio
Global bond yields have been rising sharply, with long-term yields breaking higher across multiple markets - pushing US 30‑year yields above 5%.
The sell-off was initially triggered by energy-linked inflation resulting from the Iran war, but increasingly reflects a broader, cross‑market re-pricing, with fiscal pressures, shifting rate expectations and signs of bear‑flattening emerging in key markets.
In this episode of the Barclays Brief, Lucile Flight, Managing Director in Rates Trading, joins Patrick Coffey to examine what’s driving the move in different regions – from political uncertainty shaping UK gilts to changing views on neutral rates in the US and a dialled-back ECB response in Europe.
They discuss what could bring yields down again and where investors are seeing the most compelling opportunities across global rates.
Listeners can hear more on this topic:
Clients can read more on Barclays Live:
- Thinking Macro: No saving grace
- Federal Reserve Commentary: What would trigger a 2026 Fed hike?
- United Kingdom Outlook: What a week...
- Global Economics Weekly: Leaders meet and bonds shriek
Inflation crosscurrents: Energy vs AI
Markets are facing two competing inflation stories at the same time: a near‑term energy shock pushing inflation risks higher, and the possibility that AI acts as a medium to longer-run disinflationary force.In …
Notas do episódio
Markets are facing two competing inflation stories at the same time: a near‑term energy shock pushing inflation risks higher, and the possibility that AI acts as a medium to longer-run disinflationary force.
In this episode of Barclays Brief, Patrick Coffey, Global Head of the Product Management, sits down with Jon Hill, Head of US Inflation Strategy, to break down how energy price spikes feed into headline versus core inflation, what breakevens and real yields are signalling, and how central banks may respond to energy shocks they can’t control.
They also discuss whether core inflation dynamics are drifting back toward a pre‑COVID structure, and how AI could shape the path ahead through productivity, wages and margins.
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Jet fuel shortage: Holidays at risk?
Jet fuel shortages linked to the continuing Iran war are dominating headlines, raising questions about whether this poses a genuine risk to global travel or whether markets are getting ahead of the reality.As …
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Jet fuel shortages linked to the continuing Iran war are dominating headlines, raising questions about whether this poses a genuine risk to global travel or whether markets are getting ahead of the reality.
As the airline industry moves toward the peak summer travel period, Patrick Coffey sits down with our Head of European Transport Equity Research, Andrew Lobbenberg, to dissect what’s happening in aviation fuel markets. They explore the known knowns and the known unknowns at this moment, including why Europe is more exposed than other regions, and who will likely bear the costs if constraints persist.
The episode also examines the realistic scenarios for airlines and passengers, from short‑term disruption to longer-term implications.
Listen now to cut through the headlines and understand what this period of uncertainty means for the aviation sector, its investors and its consumers.
Clients can read more on Barclays Live:
•European Transportation: Airline potential fuel shortages
•European Airlines: Messy uncertain days - March quarter preview
•European Integrated Energy: Assessing the diesel and kerosene shortage risk
•European Lodging - War and Peace: Scenario Analysis on Conflict, Fuel Supply and Oil Prices
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Credit: the signals markets can’t ignore
Credit markets often process stress before other parts of the market are able to. During periods of volatility, the signals they send can help investors distinguish between shocks that are likely to prove …
Notas do episódio
Credit markets often process stress before other parts of the market are able to. During periods of volatility, the signals they send can help investors distinguish between shocks that are likely to prove temporary and those that risk becoming more systemic.
In this episode of Barclays Brief, Ronnie Wexler, Head of Equities, sits down with Drew Mogavero, Global Head of Credit Products and CEO of Barclays Capital Inc., to explore why credit markets have remained relatively stable during recent periods of stress. They discuss how investment‑grade and higher quality high yield have continued to find support and what this demand reveals about market conditions.
The conversation also looks at how credit signals can inform views across equities and rates, where stress tends to emerge first, and what today’s market dynamics reveal about the broader economic backdrop.
Listeners can hear more on this topic:
- Processing uncertainty in real time
- Credit markets: What's ahead for 2026
- Private credit: Hidden interconnectivity
Clients can read more on Barclays Live:
Robots deliver dinner and profits
Food delivery is changing fast, with last-mile autonomous hardware being developed and deployed at pace. In this episode of the Barclays Brief, Patrick Coffey is joined by Guillaume Galland to explore how …
Notas do episódio
Food delivery is changing fast, with last-mile autonomous hardware being developed and deployed at pace. In this episode of the Barclays Brief, Patrick Coffey is joined by Guillaume Galland to explore how robots and drones are beginning to reshape food delivery economics around the world.
Drawing on ground‑level observations from cities including Los Angeles, Helsinki, Dublin and Dubai, Guillaume explains why autonomous delivery adoption differs by geography, and why some markets are already seeing meaningful penetration.
The conversation breaks down the two core technologies now in play – aerial drones and ground‑based robots – and they discuss where each are best suited to excel.
The discussion also covers the economics driving momentum in the sector – how autonomous delivery stacks up against human couriers from costs, speed and reliability, and if they offer an enhancement for consumers and restaurants alike. They also look past the exciting developments and look at the hurdles that remain, ranging from regulation and operational complexity.
Crucially, this is not about replacing human riders altogether, as Guillaume explains. Physical AI is a structural lever that will sit alongside traditional delivery models, changing how the last mile works rather than removing people from it.
Listen in to understand where autonomous food delivery is gaining traction, what’s holding it back, and why it matters for platforms, restaurants and investors watching the future of last‑mile logistics.
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