The rise of real-time trading platforms, combined with steady 401(k) inflows, has amplified wealth effects – making retail investors acutely aware that fluctuations in equity markets directly influence their perceived financial well-being, with over 30% of household net worth tied directly to equities*. As Alex Altmann puts it, “the stock market now is the economy”, as market moves have the potential to ripple straight into household spending and sentiment, reshaping the old narrative.In this week’s episode of the Barclays Brief, Patrick Coffey speaks to Alex to reveal the signals institutional investors should be looking for in 2026, from retail trading cycle when tax returns come due to how commodities aren’t fully appreciated by markets. With US-China talks on the horizon, commodity price surges could not only disrupt supply chains, but impact household budgets.Tune in for actionable perspectives and the themes investors can’t afford to overlook for 2026. *Federal Reserve Flow of Funds Listeners can hear more on this topic:Barclays Brief ep8: Critical minerals: the new oilBarclays Brief ep2: Gold: Unpacking the rallyClients can read more on Barclays Live:AI and a larger-than-expected commodities cycleThe magnetic pull of rare earthsMined Matters – From Crypto to Commodities: More Fuel for the Gold RallyImportant Content DisclosuresImportant non-Research Content Disclosures
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10:34
Critical minerals: The new oil
As technological advancement continues at pace across AI, defence and everything in between, demand for critical minerals such as rare earth elements (REEs) and copper, lithium, aluminium, nickel and cobalt (collectively known as CLANCs) has skyrocketed. Yet their supply is incredibly concentrated, making access a high stakes priority for many economies. China has invested heavily over recent decades in everything from mineral processing plants to STEM graduates and has become the dominant supplier of critical minerals.With spot prices recently trebling amidst trade tensions and defence spending increases, countries in the West are balancing the need for immediate access to existing supplies with a strategic, longer-term pivot to build out mine-to-magnet processing.In this episode of the Barclays Brief, Ronnie Wexler is joined by Zornitsa Todorova, Head of Thematic FICC Research, to discuss why critical minerals are set to become a defining market theme for 2026. They break down why critical minerals are the ‘new oil’, what's driving current market volatility and what the future of supply could look like.Listeners can hear more on this topic:Talent and trade: the new battlegrounds in AIQ1 2026 Global Outlook: As goes AI...Clients can read more on Barclays Live:Critical Minerals: the magnetic pull of rare earths2025 Equity Gilt Study - Minerals and mindsQ1 2026 Global Outlook: As goes AI...Important Research Content DisclosuresImportant Non-Research Content Disclosures
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8:20
US Dollar & the AI capex cycle
AI is reshaping corporate investment priorities at breakneck speed, with the US private sector pledging trillions in capital expenditures to power the next wave of innovation. Investment waves have affected currencies before, yet, for now, FX markets remain focused on near-term narratives and tactical considerations. Could this structural shift in AI spending redefine dollar dynamics, while domestic and geopolitical headwinds reinforce sentiments of de-dollarization?In this episode of Barclays Brief, Patrick Coffey is joined by Research analyst Themos Fiotakis, Global Head of FX and EM Macro Strategy, to explore why currency markets appear to be operating in a parallel universe to equities. They also discuss potential FX upsides for metals exporters if AI-driven investment accelerates as forecast.Listeners can hear more on this topic:The Flip Side ep71 | Is this the end of the dollar as we know it?Barclays Brief ep2 | Gold: Unpacking the rallyTalent and trade: The new battlegrounds in AIClients can read more on Barclays Live:An AI revolution for the dollar - the (AI)lephant in the room(A)I Owe You: Framing Hyperscaler FinancingImportant Content DisclosuresImportant Non-Research Content Disclosures
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10:38
Hyperscalers: Hypergrowth, higher risk
AI, hyperscaler capex, credit markets, and debt issuance: the landscape for big tech funding is shifting fast. In the latest episode of Barclays Brief, Ronnie Wexler is joined by Andrew Keches, Co-Head of US High Grade Credit Research, to unpack how the world’s largest technology companies have recently turned to the credit markets. They discuss how evolving from cash-funded expansion was strategically inevitable, but how a wave of debt issuance has recently overwhelmed credit markets. Together, they explore why this shift is happening now, what it means for both credit and equity investors, and how the risks and rewards are evolving as tech giants become more capital-intensive. With spreads widening and new funding structures emerging, tune in to hear what investors should consider as the AI buildout accelerates. Listeners can read more on this topic:AI revolution: Meeting massive AI infrastructure demandsClients can read more on Barclays Live:(A)I Owe You: Framing Hyperscaler FinancingPowering AI HubPrivate Credit HubImportant Research disclosuresImportant non-Research disclosures
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Private credit: Hidden interconnectivity
Recent high-profile bankruptcies have put private credit in the headlines. In this episode, Peter Troisi explains how private credit is weaving itself into the financial system – linking banks, insurers, non-bank financial institutions and business development companies. These connections create new funding channels and opportunities but also introduce potential hidden systemic risks. We break down what these linkages mean for stability, transparency and the future of credit markets.Tune in to get the brief on why today’s narratives around private credit and comparisons to 2008 deserve a closer look.Listeners can read more on this topic:Key Trends in Credit Markets for 2025Do the risks of NBFI lending outweigh the opportunities?Five forces reshaping fixed income marketsClients can read more on Barclays Live:Private Credit HubTaking Fundamental Cues Amid UncertaintyImportant Research disclosuresImportant non-Research disclosures
In a world of constant change, Barclays Brief is your weekly source for differentiated perspectives that cut through the noise.
Each bite-sized episode delivers clear insights into the structural trends transforming sectors – from technology and healthcare to energy, industrials and beyond.
Through sharp dialogue and scenario-based analysis, we help you navigate complexity, make meaningful connections and anticipate what’s next – whether you’re managing a portfolio or leading a business.
Each week we dig deep into a key market theme, spanning equities, macro, credit and more, uncovering the forces shaping tomorrow to help you make smarter decisions today.
Stay sharp. Stay briefed.
Published by Barclays Investment Bank: https://www.ib.barclays/
Important content disclosures: https://www.ib.barclays/disclosures/important-content-disclosures.html
Important non-Research content disclosures: https://www.ib.barclays/disclosures/important-nonresearch-content-disclosures.html
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