When England crashes out of a football tournament, the stock market takes a dive

On July 15 2026, England were just five tantalising minutes away from their first men’s World Cup final since 1966. But that was before Argentina scored two goals to claim victory in stoppage time.

The next morning, the professional reputation of England’s head coach Thomas Tuchel had taken quite a hit. So too had the London stock market, which dipped by 0.5% shortly after opening.

Trump administration changes to ‘public charge’ rule could keep millions of immigrants – and their US citizen kids – from getting healthcare they need

A new policy could deny an immigration application based on the use of government benefits by a close relative. wildpixel/iStock via Getty Images PlusImagine this scenario: It is 2023, and a woman we’ll call Jessica and her husband, Pedro, make the difficult decision to leave Venezuela for the United States after they become targets of political repression. Soon after their arrival, they apply for asylum.

The Paris Agreement ten years later: Navigating climate uncertainty and tipping points

The climate crisis is an urgent, human-driven systemic challenge whose impacts are unfolding through increasingly frequent and severe extreme events. Although the 2015 Paris Agreement advanced global climate governance, implementation remains insufficient to limit warming to well below 2 °C and pursue 1.5 °C. Accelerating risks, interacting crises and potential tipping points suggest that climate change could become unmanageable if current GHGs emissions trajectories persist. This paper makes three contributions.

Adoption and investment in AI across the euro area. Insights from harmonised firm-level data

This paper explores the adoption of artificial intelligence (AI) technologies among euro area firms, using harmonised firm-level data from two dedicated modules of the Survey on the Access to Finance of Enterprises (SAFE) conducted in June and December 2025. Based on responses from around 6,000 firms across 12 euro area countries, the study examines AI adoption rates, drivers, barriers and economic implications. The findings suggest that AI diffusion among euro area firms is progressing rapidly but unevenly, with significant variation across countries and firm characteristics.

The bank collateral channel of monetary policy: evidence from securities losses

Monetary policy tightening generates valuation losses on banks’ securities portfolios, reducing the collateral available for interbank borrowing. Using detailed euro area data, we show that banks with larger securities losses during the 2022-23 monetary policy tightening cycle obtained less interbank funding and reduced lending to firms, even when losses did not affect regulatory capital. These effects were strongest for banks with limited liquidity buffers and high collateral utilisation.

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