Barclays Brief

Software equities sit in the eye of the AI storm, caught at a decisive inflection point as AI reshapes the sector and investors grapple with one of the sharpest valuation resets in years. ​
In Episode 20 of the Barclays Brief, Raimo Lenschow, Head of North American Software Research, joins Ronnie Wexler, Global Head of Equities Distribution, to explore what’s driving the sell‑off and why the long‑term software story remains far from written.​
The discussion examines the forces behind the recent repricing, from the arrival of real, market‑ready GenAI products to intensifying concerns around hyperscaler CapEx, overbuild risk and shifting competitive dynamics. While headlines point to sweeping disruption, Raimo argues that AI is not ending software — it’s redefining the stack and reshaping where value accrues.​
At the centre of the episode is a simple but critical question: as AI accelerates change across software, what genuinely matters — and what’s being overstated?​
Raimo and Ronnie also discuss what could shape the sector’s next phase, from how valuations may stabilise to the long, often underappreciated migration timelines that anchor enterprise technology decisions.​
Listen in for a grounded perspective on where fear may be overstated, where selectivity matters most, and how investors can think about durability and opportunity as AI continues to reshape the software landscape​
Listeners can hear more on this topic:​​
Barclays Brief #14 – Rise of the humanoid robots​
Barclays Brief #12 – The future of mobility​
Barclays Brief #4 – AI revolution: China’s five year plan​

Clients can read more on Barclays Live:​
Software Is Not Dead, Just Changing ​
How to play AI dislocation?​
Agentic AI Disruption Risk in Focus​

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European Industrials have underperformed for years, but signs of stabilisation are emerging. In Episode 19 of The Barclays Brief, George Featherstone, European Industrials Research Analyst, joins Patrick Coffey to unpack what the next phase of Europe’s Industrial sector could look like – and where early momentum may be building.​
The conversation explores areas of optimism for the sector, from improving consumer spending and housing activity to renewed grid‑infrastructure investment and robust demand for machinery and mining equipment as electrification accelerates.​
Despite early signs of improvement, Europe’s outlook remains constrained by deep‑rooted structural challenges – from elevated energy costs to the AI investment gap and intensifying global competition.​
Listen in for a timely breakdown of the key themes as investors and companies convene at the Barclays 43rd Annual Industrials Select Conference.
Listeners can hear more on this topic:​
Barclays Brief #17 - Mining & metals: Meltdown or opportunity?
The Flip Side #80 - Is US equities exceptionalism finally cracking?

Clients can read more on Barclays Live:​
Euro Area Outlook: Europe at Different Speeds
Global Industrials: Supply chain reshuffle: what's now and next?
European Capital Goods: Year Ahead 2026 - Mean Reversion

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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Japan’s decisive election result is recalibrating market expectations, bringing FX, rates and fiscal policy signals into sharper focus. The LDP’s clear mandate will likely feed through to household demand, BoJ decisions and global moves in rates and FX, with implications for global investors’ near-term portfolio positioning.
In this episode of Barclays Brief, Yun Zhang, Co‑Head of FIC Trading, Asia Pacific and Global Head of MTN & Macro Structured Notes Trading, joins host Patrick Coffey to unpack the market reaction and the indicators to watch.
Listen in to get a clear, actionable view of how Japan’s post‑election landscape is shaping opportunities for global investors. Clients can also join a Japan post-election webinar to hear timely insights from our Research and Markets experts.
Listeners can hear more on this topic:
•Barclays Brief #13 – AI: The macro game changer
•The Flip Side #77 - Is Japan doubling down on Abenomics, or redefining it?
Clients can read more on Barclays Live:
•Japan Economic Update – LDP sweeps more than two-thirds
•Japan FX and Rates Views - LDP landslide victory to stabilize risk premium
•Japan Perspectives - Lower house election preview: Strengthening outlook for LDP landslide
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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Sharp swings across precious metals, especially gold, have thrust the sector into the spotlight, sustaining investor interest and stirring fresh debate over whether a new supercycle is emerging. Amos Fletcher, European Metals & Mining Research Analyst, joins Ronnie Wexler on The Barclays Brief to unpack what’s driving the moves.
A powerful mix of macro and structural forces is at work: shifting Fed rate cut expectations, renewed inflation‑hedging flows, dollar softness and accelerating electrification. Copper sits at the centre of the transition, with EV adoption, renewable build‑out and grid expansion driving demand higher even as supply remains constrained.
Amos breaks down the mechanics behind the latest volatility and explains how tightening supply across both industrial and precious metals could shape the next leg of price action. He also explores why, despite recent sell‑offs, stronger strategic conviction is still fuelling a rise in big‑ticket M&A across the industry.
Get a clear, accessible guide to the forces reshaping metals and mining and why this corner of the market is becoming increasingly difficult for investors to ignore.
Listeners can hear more on this topic:​
Barclays Brief #8 Critical Minerals: the new oil
Barclays Brief #7 US dollar: AI & the capex cycle
Barclays Brief #2 Gold: Unpacking the rally

Clients can read more on Barclays Live:​
Gold - Pausing for thought
26 ‘What ifs’ for 2026
European Metals & Mining - What's priced in?

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.

Most episodes of The Barclays Brief focus on a single market theme, but this week we have a special episode for you. Adeel Khan, our Global Head of Markets, joined hosts Ronnie Wexler and Patrick Coffey, to give you his insights across the full breadth of macro, equities and credit, bringing you perspectives from Adeel’s unique vantage point.
Adeel outlines why the global backdrop remains more resilient than headlines suggest, buoyed by a powerful US consumer and an AI investment cycle shifting decisively from infrastructure build-out to monetisation. He also explains why inflation could ease back toward 2% by year-end, and how the equity narrative is evolving as the era of beta gives way to alpha in a market that could reward precision, discipline and true stock picking skill.
The discussion then moves through the shifting FX landscape including a multi-year USD correction, low rates volatility and improving emerging market fundamentals. All this before turning to credit, where Adeel highlights why financing conditions remain robust even as dispersion continues to widen.
Looking ahead, he sets out three key predictions and the one risk that ties them all together.
Listen now for a clear cross asset view from Barclays’ Global Head of Markets and what it means for positioning in 2026.
Listeners can hear more on this topic:
•Barclays Brief #14 – Headlines to hedges: Positioning in 2026
•Barclays Brief #13 – AI: The macro game changer
•Barclays Brief #15 – Rise of the humanoid robots
•Barclays Brief #11 – Credit markets: What’s ahead for 2026

Clients can read more from Barclays Research on Barclays Live:
•US dollar: How low can it go?
•Debasement trade & broadening in full swing
•Headline exhaustion

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