In the push for reducing carbon, significant investment will be necessary, and in turn, funding will be required. This will provide growth for the credit market, and in particular for anything associated with ESG.
In times of crisis there is a fight to quality by bond traders who are keen to reduce their risks. However, in this crisis the countries of Central Europe have done surprisingly well thanks to ECB support.
Hungary's big return to the international bond market shows it is expecting a lengthy spat with the EU but it also makes financial sense.
Targeted EU fiscal rule reform is desirable but should consider the inherent risks for smaller member states.
The fact the Biden administration pulled the plug on allies and friends in Afghanistan, and against the advice of allies in Nato, just affirms its all encompassing focus on China in foreign policy.