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2C Advisors Morning Briefing
Markets digest tariff uncertainty as European defence stocks extend rally.
European equities opened mixed as investors weighed fresh trade policy signals against the continued fiscal expansion narrative. The DAX outperformed on defence spending optimism, while peripheral bond spreads widened modestly on supply concerns.
  • ECB rate decision due April 30, consensus expects a hold at 2.00% with data-dependent guidance
  • German 10Y Bund yield at 2.73%, up 4bps on fiscal expansion supply expectations
  • European IPO pipeline strengthening with three healthcare listings expected in May
  • EUR/CHF stable at 0.94, SNB intervention rhetoric remains muted
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Europe's IPO Revival: Why 2026 Could Be the Strongest Year Since the Post-Pandemic Boom

After a prolonged drought stretching from late 2021 through 2025, the European IPO window has reopened with conviction. Early activity saw biotech listings raise over a billion in a single week.

SNB Holds at Zero: What the Rate Pause Means for Swiss Fixed Income Allocations

With the Swiss National Bank maintaining its policy rate at 0% and inflation forecast at just 0.5%, we examine positioning for CHF-denominated bond portfolios heading into H2 2026.

European Equity Funds: Why 58% Underperform, and How We Select the Ones That Don't

The gap between top and bottom-quartile managers has widened dramatically. Here is our framework for separating signal from noise in European active management.

Euro Credit Spreads at Historic Tights: Time to Be Selective, Not Passive

Investment-grade credit spreads have compressed to levels not seen since 2021. We assess the risks of complacency and where selective value remains for fixed income allocators.

SFDR Reform and the Omnibus Package: What Changes for Fund Investors in 2026

The European Commission's proposed SFDR amendments represent the most significant overhaul of ESG fund labelling since the regulation's original implementation.

CMR Surgical, Exotec, Kry: Three European IPO Candidates We Are Watching Closely

Three companies across healthcare, industrial automation and digital health exemplify the new generation of European technology businesses approaching public markets.

AI Infrastructure Investing: Beyond the Hype, Where the Structural Opportunities Actually Are

The infrastructure layer underpinning artificial intelligence has emerged as one of the most significant investment themes. European investors can access opportunities in energy, cooling and data centre REITs.

The $124 Trillion Transfer: How Next-Generation Wealth Is Reshaping Advisory Relationships

The largest intergenerational wealth transfer in history is accelerating. Over the coming decades, an estimated $124 trillion in assets will pass between generations.

Defence and Aerospace Funds: Europe's Unexpected Outperformer and What Comes Next

European defence equities have been among the strongest performers of early 2026, driven by fiscal spending commitments and structural shifts in European security policy.

German Fiscal Spending and Euro Bonds: How the New Stimulus Changes the Duration Equation

Germany's landmark fiscal expansion represents a paradigm shift for European bond markets. The relaxation of the debt brake for defence and infrastructure is reshaping rate expectations.

Post-IPO Lock-Up Expiries in Q2 2026: Which Positions Need Active Management

Several high-profile 2025 listings are approaching their lock-up expiry windows. These events can create meaningful volatility as insiders gain the ability to sell for the first time.

Q1 2026 Macro Outlook: Trade Policy Uncertainty and the European Growth Divergence

Tariff rhetoric creates headwinds for export-oriented European economies while domestic demand-driven sectors show resilience. We outline three scenarios and positioning.

ESG Ratings Under Scrutiny: New EU Supervision Rules and What They Mean for Fund Selection

From July 2026, ESG rating providers in the EU will face mandatory authorisation requirements. This has direct implications for how investors evaluate funds based on ESG criteria.

Cross-Border Wealth Structuring: Navigating Swiss-German Tax Treaty Changes

Recent revisions to the double taxation agreement between Switzerland and Germany create both new opportunities and planning requirements for wealth holders with cross-border exposure.

Active vs Passive in European Equities: When the Case for Stock Pickers Is Strongest

The active versus passive debate is cyclical. Current market conditions create an unusually favourable environment for skilled stock pickers in European equity markets.

Agomab Therapeutics: Lessons From a $200M NASDAQ Listing for European Biotech Investors

Belgium-based Agomab's $200 million NASDAQ listing offers instructive lessons for investors evaluating the cross-border IPO landscape and European biotech choosing US markets.

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Our insights are designed to help professional investors see more clearly. For a personalised discussion about how these themes apply to your portfolio, we welcome a conversation.