Summer brought little of the calm markets had priced in before it began. Three tensions we had been tracking escalated through the season, surfacing as fresh flashpoints by early September.
The Allianz Climate Economics Report (ACE), launched at Climate Week NYC 2026, reveals that extreme weather caused €184 billion in economic losses in 2025 — down 32% from 2024 but 20% above the long-term average. Powered by ClimRad, a proprietary climate-data platform developed with Earthian AI, the report maps how climate events translate into GDP and inflation impacts across 144 economies.
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.
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.
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