Allianz Research

Allianz Global Wealth Report 2025: Powering ahead

How the AI supercycle is reshaping global interest rates

The AI supercycle will pull long-term yields down in both the US and Europe, but for very different reasons and by very different paths.

Chokepoints and pressure points : what is breaking and reshaping global energy markets

The ongoing oil-price shock shouldn’t prove structural, with flows likely to normalize in 2027. But several pressure points are pulling oil and gas prices in different directions and the balance will decide where prices go next.

The (A)iceberg beneath tech debt: Recognized calm, rising spreads below the waterline

Equity captures the upside of the AI build-out, while credit absorbs the loss if it fails – yet creditors are compensated with under 1% p.a. on 5-year bonds and around 2% on 10-year.