Barclays Brief

Markets can become crowded around consensus views. In this episode of the Barclays Brief, Patrick Coffey is joined by Brian Kuritzky from our Rates Sales team to explore potential investor complacency, from expectations for the Fed to the way political risk is being priced.​
The conversation focuses on three ideas Kuritzky believes deserve more attention: the risks around energy and inflation expectations, the great wealth transfer and its potential impact on US economic resilience, and the headwinds facing the AI CapEx cycle including the domestic political pushback against data centre expansion.​
They also discuss why a more resilient US consumer could make it harder for the Fed to cut interest rates, why dips in rates may create investment opportunities, and why market volatility may not be fully reflecting the uncertainty around policy, election and cross-asset risks.​
Clients can read more on Barclays Live:​
AI adoption and productivity: Early evidence​

Listeners can also hear more episodes on this topic:​
Episode 39: Opportunities in Asian Equities​
Episode 35: US equities: short-term pain, long-term gain?​

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Power constraints have dominated the conversation around AI infrastructure, but the buildout is facing a broader convergence of execution risks. Cooling, water use, permitting, labour shortages and growing local opposition are emerging as critical factors that could affect where and how quickly new data centres are built.​
In this episode of Barclays Brief, Ronnie Wexler, Global Head of Equities Distribution, speaks with Will Thompson, Thematic Investing Research Analyst, about the challenges shaping the next phase of AI infrastructure. They explore why cooling is becoming increasingly important, how water use is emerging as a key consideration in data centre operations, and what these pressures could mean for deployment timelines and market expectations.​
They also discuss how hyperscalers are taking different approaches to cooling and water use, highlighting the complexity of balancing efficiency, sustainability and local impacts. Together, these pressures point to execution risks that may not yet be fully reflected in markets.​

Listeners can hear more related to this topic:​​​
​AI goes economy wide​
Physical AI: Wealth creation or economic displacement?​

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Clients can read more on Barclays Live:​​
Powering AI: Demystifying Data Center Cooling & Water Use ​
Powering AI: New Amazon Data Center Water Disclosure Implies High Electricity Use ​

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​Important Non-Research Content Disclosures​
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This content is for informational purposes only and does not constitute investment advice or a recommendation. Views expressed are those of the speakers and may not reflect those of the firm. Any forward-looking statements are based on current assumptions and subject to risks and uncertainties.​
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Investor positioning across Asian equities is shifting, with opportunities increasingly driven by market-specific factors rather than a single regional or thematic narrative.
In this episode of Barclays Brief, Patrick Coffey is joined by Kaan Singh, Head of APAC Barclays Equities Tactical Strategies and Flow Equity Derivatives, to dive in to where investors are putting money to work in Asia and why.
They discuss the rotation toward Japan, as investors look beyond the most crowded AI and semiconductor trades and search for more durable structural themes. Alongside this, the conversation explores early signs of re-engagement in China, supported by improving market sentiment and upcoming tech IPOs, and Korea’s highly concentrated semiconductor and high-bandwidth memory (HBM) market.
Looking ahead, they consider how market expectations around AI investment are evolving and offer a clearer lens on how opportunities across Asian equities could develop.
Clients can read more on Barclays Live:
Cross Asset Research, Korea: Large investment plan from the semiconductor manufacturers
Samsung & SK Hynix: Pricing Tailwinds Intact
Thinking Macro: The best AI value might be hiding in Tokyo
China Technology: The Forest Report – 1Q26 Edition
Asia Credit Alpha: AI central in Korea/China

Listeners can also explore the topic further:
Q3 2026 Global Outlook: Solid fundamentals, fewer bargains

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Important non-Research content disclosures

Ten years after the Brexit referendum, many studies assess the effects on the UK economy as negative, pointing to weaker growth, lower investment and a tighter fiscal backdrop as its legacy. But the focus now is forward-looking. After Andy Burnham set out his 10-year economic vision centred on devolving more power to Britain’s cities and regions, the debate is shifting from what Brexit changed to what kind of economic model could define Britain’s next decade.
Joining Patrick Coffey, UK Chief Economist Jack Meaning reviews the state of the UK economy today, including subdued growth, inflation that remains close to 3%,and the limited room any future Chancellor has on borrowing, tax and spending. They examine whether greater devolution could support stronger growth and identify potential policy changes investors should watch. They also highlight why the UK’s underlying fundamentals may be stronger than market sentiment often suggests.
This episode was recorded on Monday 29 June at 3pm British Summer Time.
Listeners can hear more related to this topic:​​
-Decoding the bond sell-off
Clients can read more on Barclays Live:​
-First Look: Burnham speech
-UK – 10 years after Brexit
-Making Sense of Makerfield

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The World Cup has kicked off across North America in its largest and most geographically dispersed format yet. This year, the tournament expands to 48 teams (up from 32 in 2022), 104 matches (vs. 64) and 16 host cities across the US, Canada and Mexico. The scale is set to drive a surge of visitors, viewership and national pride, but the economic payoff may be short-lived.​
​In this episode of Barclays Brief, Ronnie Wexler, Global Head of Equities Distribution, sits down with Pooja Sriram, Senior US Economist, to discuss the tournament’s economic implications for host countries, how viewership could translate into value, which sectors stand to benefit most and why demand looks uneven. ​

​Listeners can hear more related to this topic:​​​
Prediction markets: a new market signal ​
Jet fuel shortage: Holidays at risk? ​

Clients can read more on Barclays Live:​​
World Cup 2026: Viewership drives value ​
Cupflation: The World Cup effect on prices ​
¡Goool! World Cup Day 1​

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