Reports and perspectives.

A renewed institutional counterweight for markets.

The US midterm elections return majorities in both chambers to the Democrats, according to AP. Our view is constructive: stronger congressional oversight could help moderate political uncertainty.

• Checks and balances: closer scrutiny of presidential decisions could reduce disruption and support the environment for US equities and bonds.
• Artificial intelligence: the election outcome does not invalidate the sector’s investment thesis. Capital discipline, project returns and company valuations remain central.

The political backdrop changes; fundamentals continue to guide our investment decisions.

Progress on transparency, with monitoring continuing.

The Council of the EU removed Panama from its list of non-cooperative jurisdictions on 9 October 2026, following reforms undertaken by the country.

• Status change: Panama moves from Annex I to Annex II.
• Next step: a new Global Forum review of tax information exchange.

The official statement explains the progress and the pending review.

Private capital is reshaping the real estate map.

Private wealth is growing and changing destinations. Knight Frank identifies a more professional, collaborative and selective approach to investment, opening new opportunities for wealthy families.

• Prime homes: global prices rose 3.2% in 2025, with substantial differences across markets.
• Family offices: co-investment and value-add projects are gaining ground, particularly in data centres, logistics and healthcare.

The report examines what drives these shifts and where opportunities are emerging.