Canaccord Coffee Break

Jane Parry, Chief Marketing Officer, is joined by Tom Hibbert, Chief Investment Strategist, this week to chat about: Why the return of 5% interest rates is such a big moment for investors How the era of near-free money seems to have finally came to an end What higher borrowing costs could mean for markets, the economy, homeowners and consumers. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

Jane Parry, Chief Marketing Officer, is back this week with Tom Hibbert, Chief Investment Strategist, to delve into our latest topic including: Why ‘bond vigilantes’ are back in the driving seat What's pushing government borrowing costs to multi-year highs Why and how UK Chancellor John Healey is pinning his hopes on economic growth Whether rising gilt yields are creating opportunities for investors. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

Luke Farrington, Senior Corporate Communications Manager is filling in for Jane Parry this week and is joined by Tom Hibbert, Chief Investment Strategist, to discuss: Why investors are asking tougher questions about the AI investment boom What's driving concerns around borrowing, debt and future AI returns Why rising bond yields are attracting so much attention from markets. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

Jane Parry, Chief Marketing Officer, is joined by Tom Hibbert, Chief Investment Strategist, to discuss why borrowing costs are rising and what this could mean for markets and investors. They explore: Why governments, companies and AI need more money The reason borrowing is becoming more expensive How the US Treasury may try to keep costs under control What this could mean for the US dollar and wider markets If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

Jane Parry, Chief Marketing Officer, is joined by Guy Thornewill, Direct Equities Director, to discuss: Why company earnings continue to exceed expectations on both sides of the Atlantic What's driving growth beyond the technology sector Why consumers are becoming more cautious with their spending Whether weakening retail sales are a yellow flag or a red flag for investors. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

Jane Parry, Chief Marketing Officer, is joined by John Pullar-Strecker, Research Specialist in our Chief Investment Office to discuss: Why overseas investors are increasingly buying UK companies Why British shares continue to trade at a discount to global markets Whether some investors are overlooking value in the UK stock market. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

Jane Parry, Chief Marketing Officer, is joined by Tom Hibbert, Chief Investment Strategist, to discuss: Why most stocks are rising despite flat market indices What's behind the summer semiconductor swoon How market leadership is broadening beyond ‘big tech’ Why diversified investors may have reason for confidence. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

Jane Parry, Chief Marketing Officer, is once again joined this week by Leah Bramwell, Head of Tailored Investment Solutions, to discuss: Why your portfolio may be more concentrated than you think, even if it appears diversified How some emerging market and global tracker funds are heavily exposed to a small number of companies or themes, including AI and semiconductors Why it’s important to look at a fund’s holdings to understand what is really driving returns in your portfolio The long-term role emerging markets can play in a portfolio, and why careful fund selection matters more than ever. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

Jane Parry, Chief Marketing Officer, is joined this week by Leah Bramwell, Head of Tailored Investment Solutions, to discuss: Why short-term headlines, from inflation data to political change, can move markets quickly and how to look beyond the noise What really drives long-term investment returns How patience and the power of compounding can help build wealth over time Why focusing on what you can control, from savings to investment portfolios, can support better long-term outcomes. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

Jane Parry, Chief Marketing Officer, is joined by one of our regular contributors Tom Hibbert, Chief Investment Strategist, to discuss: How Middle East tensions are testing equity markets, oil prices and investor confidence, and why markets have so far stayed on the front foot Why the surge in artificial intelligence-related investment is creating opportunity, but also signs that corporate bond markets are starting to feel the pressure What rising UK gilt yields may be telling us about political uncertainty, government borrowing and the need to keep bond investors onside. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

Jane Parry, Chief Marketing Officer, is joined by Peter Davies, Head of Direct Fixed Income, to discuss: Why bond markets matter for governments, and how gilt yields can influence the cost of funding public spending, growth and services What rising UK government borrowing costs may be telling us about inflation, political uncertainty and confidence in the country’s finances How so-called ‘bond vigilantes’ are simply rational investors demanding a higher return when they see greater risk or more supply in the market. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

Jane Parry, Chief Marketing Officer, is back to join Tom Hibbert, Chief Investment Strategist, to talk about: Why the recent ‘June swoon’ in technology stocks may be more about resetting expectations than changing fundamentals What South Korea’s army of retail investors - known as ‘ants’ - can tell us about excitement, leverage and ‘froth’ in the AI trade Why the entire AI ecosystem ultimately depends on one thing: whether end users are willing to pay for it. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

This week, Tom Willis, Marketing Manager, is filling in and joining Tom Hibbert, Chief Investment Strategist to discuss: Why the US Federal Reserve (Fed) already seems different under new chair Kevin Warsh Why UK government bonds (gilts) remain especially sensitive to political risk and fiscal policy changes as the UK awaits a new Prime Minister What the Fed’s ‘back to reality’ moment means as markets look less to central banks for support. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

This week, Jane Parry, Chief Marketing Officer, is joined by Tom Hibbert, Chief Investment Strategist to speak about: Why SpaceX’s record-breaking stock market listing matters for markets and what it signals about investor risk appetite What falling oil prices and hopes of a Middle East breakthrough mean for inflation and global growth What this shift in sentiment tells us about where markets may go next. As always, moments of excitement can tempt investors to chase momentum. However, disciplined participation remains key. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

This week, Jane Parry, Chief Marketing Officer, is joined by Richard Champion, Co-Chief Investment Officer, to discuss: Why strong economic data can sometimes push markets lower How AI spending and broader stimulus are heating up the US economy Why inflation and interest rate expectations are back in focus What a ‘healthy pause’ really looks like after a strong rally. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

This week, Jane Parry, Chief Marketing Officer, is joined by Tom Hibbert, Chief Investment Strategist, to discuss: US equities hitting fresh highs, with AI still firmly at the centre of the rally Beneath the surface, a more uncomfortable question is emerging: if AI is driving such heavy investment, demand and energy use, could it actually be pushing inflation higher? If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

One economy still feels like it’s running on espresso. The other is starting to feel a bit more decaf. But is it really that simple? Recent data suggests a familiar pattern: resilience in the US economy and a softer backdrop in the UK. In the US, the labour market remains firm and activity levels are holding up well. In the UK, services and employment data point to a more fragile picture. But beneath that surface, the story is less clear and markets are trying to work out what reflects genuine strength. How can investors make sense of this tale of two halves? This week, Jane Parry, Chief Marketing Officer, is joined by Richard Champion, Co-Chief Investment Officer, to discuss: Why US growth continues to look resilient and what’s driving it What weaker UK data (particularly in services and employment) is signalling How inflation and energy prices are shaping the outlook for both central banks Why the key question may now be how sustainable growth really is. This episode highlights an important consideration: it’s not just about how strong growth looks today, but how long it can last. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

Yields on gilts (UK government bonds) have climbed to the highest levels in decades, sterling has weakened and markets are beginning to price in rising political and economic risk in the UK. Investors are demanding a higher return to lend and that shift can feed quickly into mortgages, borrowing costs and growth. What level do yields need to reach before this becomes a real problem and what does that mean for your investments? Jane Parry, Chief Marketing Officer, is again joined by Tom Hibbert, Chief Investment Strategist, this week to talk about: Why gilts are under pressure from political uncertainty and global bond market trends What rising yields mean for growth, inflation and the wider UK economy Where risk levels begin to escalate and what higher yields could trigger Why today’s yield levels may also present a more attractive entry point for investors. This week’s episode explains what’s driving the current pressure in UK markets and why higher gilt yields could be significant for your portfolio. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

What happens when ‘safe’ assets stop being safe? Infrastructure and gold are both traditionally seen as safe havens - yet recently they’ve been telling very different stories. One has quietly gathered momentum, while the other has lost its footing, despite an environment where many investors might expect both to benefit. Why are two assets often grouped together as safe havens now behaving so differently? This week, Jane Parry, Chief Marketing Officer, was joined by Leah Bramwell, Head of Tailored Investment Solutions, to discuss: Why infrastructure has evolved beyond a purely defensive role How AI-driven investment is feeding through into utilities and energy networks Why gold hasn’t behaved as expected despite inflation and geopolitical uncertainty What the divergence between traditional safe havens tells us about today’s market dynamics. This episode is a reminder that labels like ‘safe haven’ can hide very different underlying drivers. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.

After the wobbles of March and domination of geopolitics on headlines, global equity markets surged in April, delivering their strongest month since late 2020. The key question for investors is why that rally was so powerful and what it means for long‑term returns from here. Is this simply excitement and momentum at work, or something more fundamental? Canaccord Coffee Break podcast – 7 May 2026 This week, Jane Parry, Chief Marketing Officer, was again joined by Tom Hibbert, Chief Investment Strategist, to discuss: Why markets looked past recent shocks and refocused on fundamentals How strong earnings - particularly in the US - powered April’s rally What the latest results from the big US tech stocks tell us about AI, costs and profitability Why central banks stayed quiet despite a busy week of meetings and what that signals for interest rates. April’s rally wasn’t driven by hope alone. Robust earnings, record margins and improving corporate discipline have played a central role - raising an important question about how much of that strength is already priced into today’s markets. If you have any feedback on this episode, the podcast overall or questions regarding future topics, please email coffeebreak@canaccord.com. We’d love to hear from you. Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity. It is accurate at the time of recording and is subject to change. Canaccord Wealth is the trading name of Canaccord Genuity Wealth Limited (CGWL), CG Wealth Planning Limited (CGWPL) and Canaccord Genuity Wealth (International) Limited (CGWIL), which are all subsidiaries of Canaccord Genuity Group Inc. CGWL and CGWPL are authorised and regulated by the Financial Conduct Authority (reference numbers: 194927 and 594155). CGWL and CGWPL are registered in England & Wales at 88 Wood Street, London, EC2V 7QR (numbers 03739694 and 08284862). CGWIL is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission. CGWIL is registered in Guernsey no. 22761. Registered office: Dorey Court, Elizabeth Avenue, St Peter Port, Guernsey GY1 2HT.