NEWSLETTER of July 10, 2026

The following content has been added at finexpert:

BlackRock
EQUITY MARKET OUTLOOK: Q3 2026
Can global stocks continue to look past geopolitical uncertainty and bouts of AI anxiety to power on in Q3? Strong earnings augur well, even as volatility remains in play. Our alpha-seeking investors look ahead with perspective on diversification in a concentrated market, underappreciated opportunities and the compelling prospects in parts of Asia. >more

EY Parthenon
INSTITUTIONAL INVESTOR DIGITAL ASSETS SURVEY
The survey reveals that institutional interest in digital assets is accelerating as markets mature and confidence in long-term adoption grows. Regulatory progress and regulated vehicles are unlocking broader participation, bringing digital assets further into the financial mainstream. Attention is shifting from “access” to “application,” with greater focus on infrastructure, tokenization and practical use cases. >more

Institut der Deutschen Wirtschaft
FACHKRÄFTEREPORT MÄRZ 2026 – WENIGER ENGPÄSSE IN SOZIALBERUFEN, MEHR BEI INFRASTRUKTUR UND VERTEIDIGUNG
In March 2026, around 357,000 job vacancies across the country remained statistically unfillable, even though there were more qualified unemployed people and fewer vacancies than in the previous year. Shortages of childcare specialists and experts in social work and social pedagogy fell significantly, but filling vacancies remained difficult in both occupational groups. Contrary to the general labour market trend, labour shortages increased in several metalworking and electrical trades, particularly among skilled workers in welding and joining technology, metalworking, metal construction, and mechanical and industrial engineering. >more

Bank for International Settlements
BIS RESIDENTIAL PROPERTY PRICE STATISTICS, Q4 2025
Real global house prices fell by 0.6% year on year (yoy) at the end of 2025. Real prices were almost stable in advanced economies (0.4% yoy), while they continued to decrease in emerging market economies (–1.4% yoy), especially in Asia. Since the outbreak of the Covid-19 pandemic, real global house prices have increased by almost 3%. Among major jurisdictions, Türkiye, Australia and Mexico recorded the strongest increases, while prices in China and Canada were still below their pre-pandemic levels. From a longer-term perspective, real global house prices have increased by almost 20% since the end of the Great Financial Crisis (GFC) of 2007–09. Yet real prices were still significantly lower than their post-GFC levels in Italy, China, South Africa, Brazil and Indonesia. >more

WHEN FLEXIBILITY BECOMES FORBEARANCE: PAYMENT-IN-KIND IN PRIVATE CREDIT
Paul Rintamäki, and Sascha Steffen
2025
Payment-in-Kind (PIK) provisions allow borrowers to capitalize unpaid interest, offering flexibility but potentially enabling excessive forbearance. Using comprehensive Business Development Company (BDC) loan data, we show that PIK is primarily used for forbearance. It is concentrated among distressed firms and predicts persistent deterioration rather than recovery. Adverse outcomes are driven by PIK exercised after, rather than at, origination. Private equity sponsorship partially further mitigates these effects. Consistent with forbearance, PIK is primarily linked to maturity extensions rather than recapitalizations. Funding markets discipline excessive PIK-lending by BDCs: an increase in PIK exposure reduces bank funding, and public equity investors discount PIK exposure exercised post-origination. >more

CARBON PRICING AND INVESTMENT
James R. Brown, Gustav Martinsson, Per Strömberg, and Christian J. Thomann
2026
How does carbon pricing affect investment in brown firms? During the period 2000-2019, the effective cost of emitting carbon rose by about 400 percent for Swedish manufacturing firms. Despite lower operating margins, high-emission firms significantly increased both total capital investment and the share of investment dedicated to abatement. The response is concentrated among firms with strong internal financial capacity. We find no comparable investment increase in lower-emitting firms or in high-emission industries outside of Sweden. Our results show that pricing CO2 emissions at a sufficiently high level can incentivize brown firms to make green investments. >more