High-resolution satellite imagery from Ukraine reminds us of the burgeoning opportunity in the space economy.

Circumstances in Ukraine have raised awareness of the remarkable capabilities and investable opportunities of next-generation satellite imagery that can reveal photographic details from tens and even hundreds of miles overhead. Barely a day goes by without new, front-page photographs taken just hours earlier of conditions on the ground roughly half a planet away. While most consumers are familiar with the advances in personal photography and vcommunication enabled as part of the smartphone ...

Eurozone monetary policy normalization is likely here—with the potential need for a new twist.

After years of very accommodative monetary policy to protect eurozone integrity and to compensate for the lack of fiscal support to counter multiple crises (COVID-19 being the latest), the time has come for the European Central Bank to normalize of its policy. Inflation has risen to very elevated levels, mainly due to energy prices and supply chain bottlenecks exacerbated by the zero-COVID policy in China and by Russia’s invasion of Ukraine.

The Pandemic Emergency Purchase Program (PEPP)...

Our view on Sunac’s default and its implications for the China property sector.

On May 11, Sunac, the fourth largest developer in China, defaulted as it missed a coupon payment on its offshore dollar bonds. In contrast, it extended the maturity of its onshore bond that matured in April. Sunac bond prices were relatively stable at approximately $20 as the default had mostly been priced in. Even with the reduced cash flow needs, the liquidity crunch for Sunac is likely to continue in the near term given its sharp decline in contracted sales and the slow progress of its asset disposals.