Poland launches civilian readiness training as Europe reassesses national defence

Poland has opened a nationwide voluntary readiness programme that invites civilians to take part in structured crisis-response and basic defence training. The initiative, named wGotowości (“mReadiness”), enables adults to register for one-day weekend sessions held at military units around the country. Participants learn skills such as first aid, crisis survival techniques, digital security and basic emergency procedures. The format is designed to be accessible and non-militarised — attendees do not take an oath or enter any reserve list, and participation does not convert into military service.

The programme was presented by Chief of the General Staff Gen. Wiesław Kukuła together with Defence Minister Władysław Kosiniak-Kamysz and Deputy Defence Minister Cezary Tomczyk. Defence leaders described the training as a way to improve individual resilience and to strengthen the country’s reserve readiness. The wider aim is deterrence: to demonstrate that Poland can mobilise large numbers of people with basic preparedness skills without forcing anyone into service. Companies are also being encouraged to send employees to train as teams, reinforcing organisational resilience in the event of a crisis.

The launch comes at a moment of heightened security concerns. Since Russia’s full-scale invasion of Ukraine, Poland has repeatedly faced incidents along its border and within its airspace, including the entry of Russian drones in September 2025 that triggered a NATO response. These events revived public debate over whether Polish society would be prepared to defend itself if conflict escalated.

Opinion surveys suggest that the country is divided. Research by IBRiS for Radio ZET shows that just under half of respondents say they would volunteer in the event of war, while a nearly equal proportion say they would not. Trust in the army is equally mixed. Pollster data indicates that only a minority believe the armed forces would successfully defend the country. Younger adults are the least willing to enlist or volunteer, with almost seven in ten respondents aged 18 to 29 expressing reluctance to take part in defence. Psychologist Professor Adam Tarnowski from Nicolaus Copernicus University views the results with cautious optimism, arguing that even a quarter of the population ready to assist represents significant potential when supported by professional forces.

Poland’s model stands out within NATO. Other countries have voluntary defence or resilience programmes, but none in the same structure. Finland offers large-scale civilian courses focused on survival and crisis planning, Norway and Sweden run public-facing civil-preparedness training, and Estonia’s Defence League integrates volunteers more closely with the armed forces. Germany is preparing a new voluntary service track aimed at recruitment into the army. Poland’s approach differs by letting any adult attend training near their home without entering a recruitment pipeline. Defence officials describe it as the broadest civilian access to crisis-readiness training currently operating in the alliance.

The Polish government intends to expand capacity significantly. Prime Minister Donald Tusk previously said that by 2027 the programme could train as many as one hundred thousand volunteers annually. Kosiniak-Kamysz calls the initiative a step toward building societal resilience rather than simply enlarging the army.

“No other country engages citizens so broadly and so directly,” he said during the programme’s announcement.

As European defence policy evolves and security concerns intensify, Poland is positioning civilian preparedness as a strategic asset. The initiative reflects a shift from relying solely on traditional military structures toward treating the wider population — professionals, families, companies, communities — as an essential component of national security.

Source: IBRiS and CIJ EUROPE Analysis Team

Tech Giants Hit by Sharp Investor Pullback as AI Euphoria Cools

Global equity markets ended the week on edge as the world’s most influential technology and artificial-intelligence companies were struck by a wave of selling that wiped out almost $800 billion in market value within days. It marks the sharpest weekly drop for major tech shares since April and signals a clear shift in investor sentiment after nearly a year of relentless enthusiasm for AI.

The losses centred on the same companies that had driven markets to record highs since early 2024: Nvidia, Meta Platforms, Microsoft, Alphabet, Amazon, Palantir Technologies and Oracle. Nvidia — the company supplying the chips powering nearly every major AI model — saw the largest valuation decrease. Meta, Microsoft and Amazon were also heavily affected as investors reassessed the scale of investment required to maintain their leadership in the AI race. Palantir, which had surged on expectations of new state and defence contracts linked to AI adoption, experienced one of the most dramatic percentage declines.

MARKET ANALYSIS — WHY THIS HAPPENED

The correction did not stem from weak earnings or a sudden collapse in demand for AI. Instead, it shows a market transitioning from excitement to accountability.

Valuations had been running ahead of fundamentals. Many companies were priced at levels that assumed uninterrupted, exponential AI adoption. Nvidia in particular had been trading at earnings ratios far above historic norms, pushing investors to lock in profits.

At the same time, the cost of participating in the AI race has escalated dramatically. Companies are committing billions towards data centres, chip procurement, and cloud infrastructure. Meta’s spending plans for AI represent the largest capital investment cycle in its history, while Microsoft and Amazon are building new data-centre capacity at volumes that rival the energy use of small countries. The concern is no longer whether AI is transformative, but whether these investments will generate returns fast enough to justify the scale of spending.

Another factor is that revenue from AI, while visible, is not yet transformative. Tech companies are showcasing new AI assistants, enterprise automation tools and productivity upgrades — but monetisation depends on how quickly corporate customers roll out full adoption. Many businesses are still testing AI, rather than deploying it across their organisations, delaying revenue recognition.

The structure of the stock market amplified the downturn. Major US and global indices are dominated by large technology companies. When the megacaps decline at the same time, index-tracking funds and passive investment strategies accelerate selling, pushing prices even lower.

WHAT IT MEANS FOR THE AI SECTOR

Despite the violent market reaction, analysts are not calling this the end of the AI boom. In many sectors, demand continues to strengthen. Data centre construction pipelines are at historic highs and global demand for AI chips still exceeds supply. Corporations are expanding AI budgets across sectors including logistics, finance, manufacturing, cybersecurity and healthcare as automation benefits become tangible.

The difference now is that investors are demanding proof that the enormous investment in AI infrastructure will generate profitable revenue streams. The next earnings cycle will be pivotal. If companies can demonstrate accelerating customer adoption — particularly on cloud platforms operated by Microsoft, Amazon and Google — confidence could return rapidly.

THE TAKEAWAY

The AI correction is not a collapse. It is a reset. The market is moving from hype to measurable outcomes.

AI remains one of the most transformational technological shifts of this century. The sell-off merely signals that investors are no longer willing to finance ambition without evidence that those ambitions can convert into stable, recurring revenue.

If companies deliver proof in the coming quarters, this moment may be remembered not as the end of the AI rally, but as the point where the sector finally matured.

Source: Meta, Microsoft, Alphabet, Amazon, Palantir, Oracle, FT, Bloomberg and CIJ.World Analysis Team

Bratislava office market: lack of tenant transparency risks slowing investor confidence

Bratislava’s office market entered 2025 with renewed momentum. Leasing activity has improved after a quieter 2023–2024 cycle, and large contracts — some of them among the biggest in years — were concluded in the first months of the year. Yet despite these positive fundamentals, the market continues to struggle with one issue that puts it at a disadvantage compared to other capital city markets across CEE: most of the major leases are reported without naming the tenants involved.

Market data from leading real estate advisors confirm that sizeable contracts were signed in early 2025, including a deal of around 17,000 sq m in the city centre and several transactions in the 5,000–8,000 sq m range. These deals helped lift total take-up and signalled that occupiers are willing to commit to space in Bratislava. However, many of these agreements are not publicly attributed to specific companies. Instead, announcements typically list the size of the transaction, the submarket, and whether it was a renewal or new lease — but leave out who actually signed.

This habit stands in contrast to leasing disclosures in Warsaw, Prague or Budapest, where the names of tenants in major deals are often released as part of the marketing of the building and the city. For institutional investors, such transparency matters. When tenant information is public, it is easier to benchmark comparable leases, understand the depth of demand by business sector, and assess how innovative or future-proof the local office market is.

In Bratislava, many of the largest deals are renegotiations rather than new entries, according to agency research. Renewals are a normal part of any market, but when they dominate the data — and when their tenants remain anonymous — the picture that reaches investors is incomplete. Without knowing who is committing to buildings, the market loses an opportunity to showcase success stories and attract new capital.

This lack of visibility also limits the ability of developers to market new projects. In core markets across the region, announcing a major anchor tenant often unlocks further leasing traction. In Slovakia, non-disclosure makes it harder to build momentum, even for high-quality or ESG-focused schemes.

The irony is that Bratislava has plenty to promote. Vacancy in prime locations remains competitive, developers are repositioning older buildings toward energy-efficient standards, and the city’s location between Vienna and Budapest gives it a strong regional advantage. But those strengths are overshadowed when the market does not celebrate — or even name — some of its most significant occupiers.

Greater transparency does not require revealing commercially sensitive terms. Simply releasing the identity of tenants signing the largest leases would bring Bratislava in line with its regional peers. It would enable brokers and landlords to demonstrate where real demand is coming from and give investors the clarity they expect when evaluating new markets.

Slovakia is at a turning point. Capital is increasingly selective, competition among CEE cities is rising, and ESG-driven redevelopment is forcing older buildings to justify reinvestment. Tenant transparency is a low-cost, high-impact lever to demonstrate market confidence.

Bratislava has real momentum. It now needs to show the world who is behind it.

Source: CIJ EUROPE Analysis Team

Stock exchange investigations: A decade of regulatory pushback against market concentration

Competition authorities across Europe, the UK and the United States have spent the past decade increasing oversight of stock exchange groups and clearing houses. The operators of the world’s major trading venues — including the London Stock Exchange Group (LSEG), Deutsche Börse, Nasdaq, Intercontinental Exchange (ICE) and Japan Exchange Group — have all faced antitrust or regulatory scrutiny. The pressure reflects growing concern that consolidation in trading, clearing and market-data services could limit competition and ultimately raise costs for issuers and investors.

The European Commission’s recent launch of a formal investigation into possible collusion between Deutsche Börse and Nasdaq in the Nordic derivatives market fits into a clear regulatory pattern. Authorities intervene when control over trading or clearing becomes too concentrated, particularly where market data, derivatives or post-trade services are involved.

One of the most significant confrontations occurred between 2016 and 2017, when the European Commission blocked the planned merger between LSEG and Deutsche Börse. Regulators concluded that the combined group would have dominated the clearing of fixed-income instruments in Europe, reducing competition and giving the merged entity unacceptable market power.

LSEG again came under scrutiny in 2019 when it announced its acquisition of Refinitiv. This time, the Commission focused on data and trading platforms. The deal was cleared, but only after LSEG agreed to sell the entire Borsa Italiana business, which was subsequently acquired by Euronext.

In the same period, Intercontinental Exchange in the UK faced intervention from the Competition and Markets Authority following its acquisition of Trayport, a platform central to energy-market trading. The authority determined that ICE could use control of the software to disadvantage rival trading venues and required a full divestment of Trayport, which was completed.

Regulators have also intervened when risk management and clearing infrastructure did not meet supervisory expectations. Nasdaq Clearing in Sweden received one of the largest fines ever imposed on a European clearing house after a trader default exposed weaknesses in its margining and risk processes. Although this was not an antitrust case, it marked a significant regulatory enforcement action directed at a major market operator.

Outside Europe, Japan’s Fair Trade Commission reviewed the Japan Exchange Group’s acquisition of the Tokyo Commodity Exchange in 2020. Approval was granted only after the group committed to maintaining open access for market participants.

In Germany, Deutsche Börse has faced repeated questions from competition authorities over access to market data and pricing models. While no infringement decisions have been published, monitoring continues, reflecting concerns that data fees and licensing terms could limit competition.

The latest development — the European Commission’s 2024–2025 investigation into potential coordination between Deutsche Börse and Nasdaq — is testing whether cooperation linked to a long-standing Nordic derivatives agreement may have crossed into collusive behaviour. The inquiry focuses on whether the exchanges aligned their conduct on listing, trading or clearing to reduce competitive pressure in derivatives markets. The investigation is ongoing and no conclusions have been drawn.

A clear pattern emerges from these actions: regulators see clearing and market data as strategic infrastructure for the Capital Markets Union, and they resist anything resembling single-venue dominance. Most investigations do not result in fines. Instead, they lead to blocked mergers, forced divestments or binding commitments designed to preserve choice and market access. Exchanges benefit from scale, but authorities remain firm that scale must not translate into exclusivity or reduced competition.

With the Deutsche Börse–Nasdaq case now underway, Europe signals once again that the functioning of its capital markets — and especially derivatives and clearing — will remain tightly regulated to safeguard competition.

Source: ESMA, JFTC, EC, gov.uk and CIJ.World Analysis Team

U.S. Allows Hungary Temporary Exemption on Russian Energy

The United States has granted Hungary a one-year exemption from sanctions linked to Russian oil and gas purchases, following Prime Minister Viktor Orbán’s meeting with U.S. President Donald Trump in Washington in early November. According to U.S. and Hungarian statements, the exemption applies mainly to pipeline deliveries via Druzhba and TurkStream — infrastructure that supplies a large share of Hungary’s crude oil and gas.

Orbán publicly framed the decision as an agreement that Washington will not penalise Hungary for continuing to import Russian energy. The U.S. side described the move more cautiously as a one-year exemption, not an unlimited waiver. Media reports indicate that as part of the negotiations Hungary committed to purchasing additional U.S. liquefied natural gas and exploring greater cooperation on nuclear fuel supply.

Energy security is a critical factor in Budapest’s position. Hungary remains heavily dependent on Russia for pipeline crude and gas. Orbán argued after the meeting that geography and infrastructure leave Hungary with few short-term alternatives, a claim echoed by Trump, who said that Hungary lacks access to seaports and faces logistical limits on switching suppliers quickly.

The exemption places Hungary at the centre of a wider debate about how far Western governments can enforce sanctions on Russian energy revenue without destabilising countries that have high dependence on pipeline imports. Several EU members in Central and Eastern Europe, including Slovakia, are still tied to Russian gas flows and have resisted plans for a fast phase-out of Russian energy. In Slovakia’s case, political leaders have warned that an abrupt removal of pipeline supplies would threaten energy stability, pushing Brussels to consider transitional arrangements.

Outside the EU, the scale of Russian energy purchases by large emerging economies adds further complexity. India has become a major buyer of Russian crude since 2022, with refiners increasing orders when discounted cargoes are available. Analysis of shipping and trade data shows that Russian barrels continue to flow to India in volumes significant enough to soften the impact of Western sanctions. Some refiners briefly paused orders this year to assess exposure to new U.S. measures, but overall imports have remained high.

China remains the largest single buyer of Russian fossil fuels, taking deliveries both by sea and through pipeline networks. According to independent trade monitoring groups, China’s continued purchases represent a substantial portion of Russia’s export revenue and are a principal reason why sanctions have not fully constrained Moscow’s energy earnings.

Turkey also plays a role by importing discounted Russian crude and refined products, further illustrating how regional energy demand continues to sustain Russian export flows despite Western efforts to curtail them.

For investors, particularly those active in Central European real estate or corporate sectors, the Hungarian exemption temporarily reduces the risk of a sudden price shock or supply disruption driven by sanctions enforcement. However, the arrangement is explicitly time-limited. It does not eliminate longer-term transition risk associated with reliance on Russian energy, nor the possibility that investors could face renewed uncertainty when the exemption expires.

Diplomatically, the carve-out highlights the tension between geopolitical sanctions objectives and immediate energy-security needs. It offers a precedent that other countries could cite when seeking similar concessions and underscores how energy infrastructure — rather than policy ambition — may ultimately determine the pace of Europe’s decoupling from Russian supply.

Source: Reuters, AP, Politico, The Guardian and CIJ EUROPE Analysis Team

Metropolis Bratislava: A Case Study in Technical Residential Architecture

Bratislava’s new downtown has gained a distinctive architectural statement. Metropolis, developed by Mint Investments, is no ordinary residential project — it introduces a level of design refinement, technical sophistication, and lifestyle thinking rarely seen in Slovakia’s housing market. With two slender towers rising above the district, the project has become a visual anchor in an area that is rapidly transforming into the capital’s most contemporary urban neighbourhood.

Rather than creating a single mass, the architect divided the project into two vertical towers that appear to lean into one another. The resulting form gives the towers a strong M-shaped silhouette, making them instantly recognisable from key city vantage points. The height and spacing of the towers ensure natural daylight and open views, avoiding the sense of enclosure often associated with dense city schemes. From street level, the architecture appears both sculptural and accessible — a new building that allows the city around it to breathe.

Metropolis distinguishes itself through engineering. The apartments use ceiling-based cooling and heating, ensuring quiet and consistent comfort without visible equipment cluttering living spaces. Each unit is fitted with fresh-air recovery ventilation, maintaining air quality while reducing energy losses. Exterior shading is built into the façade strategy to reduce solar heat gain, stabilising indoor temperatures throughout the year. These are systems more commonly found in high-grade hospitality and office developments, not standard housing.

The interiors reinforce a clear design philosophy based on material quality and timeless detailing. Floors are finished with solid wood, surfaces use large-format materials, and full-height doors integrate flush with the walls, creating clean sightlines and generous proportions. Instead of decorative excess, the project focuses on proportion, texture and longevity. The fact that solid wood flooring and premium wall surfaces were selected signals intent: this building is meant to age gracefully rather than date quickly.

One of Metropolis’ most forward-thinking aspects is that every apartment includes a private exterior space. Whether in the form of a balcony, a terrace or a ground-floor garden, each home maintains a link to the outside. In the realities of vertical urban living, that connection has become increasingly valuable, and the project treats outdoor access as a standard feature, not an upgrade.

The ground level is designed as part of the city, not a closed compound. The active street frontage and landscaped courtyard allow pedestrians to move through the site and access neighbourhood services. The presence of daily-use retail units creates urban life at the base of the building, strengthening the neighbourhood and supporting community engagement.

Market response confirms the relevance of this design direction. A large majority of units were secured by buyers before the building was completed, demonstrating demand for architecture-led, technically advanced, premium residential living in the city centre. The project’s success shows that buyers recognise the value of comfort, quality and a building designed for long-term occupancy, not short-term speculation.

Ultimately, Metropolis represents a turning point for Bratislava. It proves that premium living is not defined by flashy finishes or tall heights, but by comfort, engineering, outdoor living, and urban integration. If future developments aspire to compete at this level, Metropolis will stand as the benchmark.

Urban living in Bratislava is entering a new phase. Metropolis demonstrates that a residential tower can be efficient, elegant and liveable — a building that serves both the skyline and the people who inhabit it.

Source: CIJ EUROPE Analysis Team

China’s Export Slowdown Deepens as Trade Patterns Shift Toward Europe and Emerging Markets

China’s export engine lost momentum in October 2025, signalling renewed pressure on the world’s second-largest economy as global demand weakens and trade dynamics shift. Official customs data show that goods shipped abroad fell compared with the previous year — the first decline in several months — driven largely by a sharp drop in sales to the United States.

Exports to the U.S. dropped steeply in October, continuing a trend of reduced orders following months of tension and tariff adjustments. Analysts say this pullback now appears structural rather than temporary. At the same time, China increased shipments to regions such as Southeast Asia and Africa, though not enough to counterbalance the fall in U.S. demand.

The European Union remains China’s most significant trading partner, and new figures from Eurostat and the OECD show the depth of this reliance. Last year, the EU imported more than €500 billion worth of goods from China — far more than it exported in return — leaving Europe with a trade gap of more than €300 billion. Eurostat’s 2025 updates indicate that Europe’s purchases from China have stayed high even as Chinese exports slow elsewhere, underscoring how embedded China remains in European supply chains.

While the October decline appears modest on paper, it follows unusually strong results a year earlier, when China recorded one of its fastest export growth rates in over two years. Economists therefore caution against reading the slowdown as a collapse, pointing instead to a combination of high comparison levels, weaker orders from Western markets, and domestic strains — especially the country’s still-fragile housing sector and cautious consumer spending.

Trade tensions between Beijing and Washington eased slightly after recent negotiations reduced some shipping fees and delayed new tariffs. Investment banks expect this could support export volumes in 2026, though the effect may take months to emerge. Some forecasters, including those tracking Chinese trade on behalf of global investors, caution that a sustained recovery will depend on lower borrowing costs worldwide and on stability in shipping prices.

European trade researchers note that China is increasingly steering exports toward markets with fewer political frictions. However, they also highlight a growing risk for Europe: even as China’s exports show signs of fatigue, Europe’s dependence on Chinese goods — from electronics to industrial components — remains high.

The latest data suggests that China’s export sector is entering a period of transition rather than contraction. The country is selling less to the United States, maintaining strong volumes to Europe, and testing new ground in emerging regions. Whether this becomes a lasting realignment depends on how quickly global demand stabilises and whether Beijing succeeds in redirecting its trade influence toward new customers.

Source: EC, Eurostat, OECD and CIJ.World Analysis Team

COP30: The Moment Where Promises Must Become Phase-Out Commitments

fletcher@cijeurope.com
7 November 2025
CIJ - Spotlight, Energy, Environmental, Politics

The UN Climate Change Conference COP30 opens in Belém, Brazil, at a symbolic moment. Ten years after the Paris Agreement, the world is no longer debating climate science — it is confronting whether political leaders are willing to accept what the science actually demands: a global, time-bound exit from coal, oil and gas.

Claudia Kemfert, head of the Energy, Transport and Environment Department at DIW Berlin, argues that climate leadership requires more than speeches. In her assessment, Germany’s recent political hesitations reflect a broader problem. Instead of accelerating investment in renewables and energy efficiency, governments continue to make room for transitional fossil fuel solutions and delay full-scale transformation. She warns that the focus remains on incremental steps when large structural decisions are needed. For her, COP30 is not a negotiation about ambition, but evidence of political courage. It is where governments must show that the Paris Agreement was a commitment — not a press release.

The urgency she expresses is echoed across the global energy and finance community. Fatih Birol, Executive Director of the International Energy Agency, has repeatedly said that the world has crossed a tipping point. Solar and wind are now cheaper than new fossil fuel power generation in most countries, and according to the IEA’s net-zero roadmap, no new oil, gas or coal fields can be developed if the world expects to meet its climate goals. Fossil fuels are becoming a stranded business model, not a long-term economic plan.

The issue is not only environmental but economic. Kristalina Georgieva, Managing Director of the International Monetary Fund, points out that governments still spend more than seven trillion dollars a year subsidising fossil fuels — far more than what is committed to climate finance or energy transition support. She argues that the fastest way to reduce emissions by the end of this decade is to stop artificially lowering the price of pollution and instead direct capital toward clean infrastructure.

UNEP leadership reinforces this point. Inger Andersen, Executive Director of the UN Environment Programme, highlights that current government plans will result in more than double the amount of fossil fuel production that climate science allows. She notes that relying on voluntary pledges has failed and that only binding national plans will force the global economy onto a Paris-aligned trajectory.

Meanwhile, global financial institutions are positioned to deploy the capital required for transition. Ajay Banga, President of the World Bank Group, has stated that a massive reallocation of financing toward renewable energy and grids is possible if governments provide stable regulatory frameworks. Mark Carney, the UN Special Envoy on Climate Finance and former Governor of the Bank of England, frames the issue even more starkly: trillions of dollars are waiting to enter the clean transition, but investors are holding back due to policy uncertainty. Private capital is ready. It is political clarity that is missing.

Christiana Figueres, who led the Paris negotiations, cautions against ambiguous language. She argues that terms such as “phase down” are designed precisely to avoid action. If COP30 does not finally move toward “negotiating phase-outs,” she says, then the world will repeat the last decade’s cycle of pledges without delivery.

All these voices converge on one message. The world does not lack technology. It does not lack capital. It lacks the political will to accept that the age of fossil fuels is ending.

Kemfert’s conclusion becomes a unifying theme. Climate protection, economic competitiveness and social fairness are not competing priorities. They are mutually dependent. Countries that embrace the transition will attract investment, reduce energy dependency and benefit from the industries that will define the next economic cycle. Those that hesitate risk locking themselves into obsolete infrastructure and stranded assets.

The future will belong to nations that choose renewable energy not as an environmental gesture, but as a strategic economic asset. COP30 is the moment when promises must become decisions. A decade after Paris, the world knows what needs to happen. The only remaining factor is political courage.

Source: DIW Berlin, IEA, UNEP and CIJ.World Analysis Team

Macquarie Signals Strategy Shift as Slower Commodities Trading Pulls Down Quarterly Performance

Macquarie Group — long known for its ability to generate large profits from commodities trading and energy markets — reported softer results for the first half of its financial year, with earnings held back by a slowdown in activity within its trading division. Despite this, the Australian financial group continues to grow its investment-management platform and expand assets under management, positioning itself for a more stable, fee-driven future.

The company posted a net profit of approximately A$1.66 billion for the six months ending in September, a slight increase on the previous year but below market expectations. The weaker result was largely due to a drop in income from its commodities and trading business, which has been a key profit driver in recent years. With calmer energy markets and fewer opportunities for high-margin trading than during the volatility of 2022–2023, earnings from this division fell by roughly 15 percent, now accounting for just over a quarter of total profit.

The market reaction was swift. Macquarie’s shares fell on the morning of the results announcement, reflecting investor surprise at the earnings miss and uncertainty over how long the quieter trading environment may continue.

At the same time, several other parts of the business continued to grow. Macquarie increased its total assets under management to more than SEK 160 billion (around €13.5 billion), supported by new investment mandates across Europe and continued interest from institutional capital. The firm highlighted stronger recurring revenue from its asset-management and banking operations, helping offset weaker trading income.

The company also confirmed that it has taken an impairment charge of more than A$150 million relating to renewable-energy investments, including offshore wind projects in North America. Rising costs and slower permitting timelines in the renewables sector have affected profitability across the industry, and Macquarie’s adjustment reflects wider challenges, not a retreat from the sector.

Looking ahead, Macquarie said it expects more stable conditions over the coming quarters. Inflation continues to moderate and long-term interest rates are showing signs of settling — two factors the bank says are necessary for investment activity to recover. The group has also signalled that it will push harder into its core strength: asset management. Work is already underway to integrate its principal investment activities into the investment-management platform, allowing the firm to seed new funds and build investment vehicles in partnership with external capital providers rather than holding assets directly.

The focus is shifting toward predictable, long-term fees instead of depending heavily on trading swings.

Leadership changes are reinforcing this direction. Macquarie has appointed new senior executives to oversee its corporate finance and investment management operations in Europe, with a goal of strengthening its market position and growing its institutional client base.

Although the latest earnings reflect a quieter period for commodities trading, Macquarie is signalling confidence — both in the evolving market environment and in its ability to generate steady income from investment management. The company describes 2025 as a transitional phase, one where it moves from opportunistic trading toward a more balanced model built on recurring revenues, long-term mandates, and disciplined deployment of capital.

Source: Reiters, FT, The Australian and CIJ.World Analysis Team

Polish Buyers Maintain Strong Presence in Spain’s Residential Market in 2025

Polish interest in Spanish residential real estate remains strong this year, with more than 3,000 homes purchased in the first three quarters of 2025, according to the latest figures from the Spanish Land Registry (Registradores de España). In the third quarter alone, Polish buyers acquired 1,087 apartments and houses across Spain. While below the record-breaking level achieved during the same period in 2024, the volume confirms that demand remains structurally high.

Foreign buyer statistics from Registradores de España and market insights from Idealista News and Fotocasa Research indicate that Poland now consistently ranks among the top 10 nationalities investing in Spanish residential property. In Q3 2025, British buyers remained the largest group, followed by German and Dutch purchasers. Romanian and Moroccan buyers also showed strong activity in the quarter. Poles ranked eighth overall, representing 4.63 percent of international purchases.

The concentration of demand continues to favour the southern coast, particularly the Costa del Sol, where the combination of mild climate, established infrastructure and strong rental appeal drives investment interest. Marbella, Estepona and Málaga remain the most popular destinations for Polish buyers, according to Dream Property Marbella, a Polish brokerage operating in the region.

“Many clients see Spain not only as a place to enjoy better weather but also as a safe long-term investment,” said Tatiana Pękala, owner of Dream Property Marbella. “Even though quarterly results are slightly below last year’s record, the market continues to offer stable value growth and protection against volatility at home.”

There are, however, emerging challenges. Certain regions are debating limitations on non-resident purchases due to pressure on local housing affordability. Rental regulations for tourist use are also tightening, particularly in coastal municipalities with strong short-stay rental markets. Despite these factors, market analytics platforms including Fotocasa Research describe Polish activity as part of a longer-term behavioural trend rather than a temporary surge. Transaction volumes fluctuate quarter to quarter, but overall demand remains consistently high.

Spain remains attractive for second-home buyers and investors seeking diversification abroad. Market analysts note that property in southern Europe is increasingly perceived as a hedge against inflation and geopolitical uncertainty—factors that are particularly relevant for Central European investors. With stable pricing and continued demand in key coastal markets, international activity, including purchases by Polish investors, is expected to remain resilient heading into 2026.

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