In just the first two weeks of 2026, investors have had a lot to take in amidst fast-moving headlines and shifting policy signals.​

In this episode of Barclays Brief, Global Head of Macro Distribution Kristen Macleod joins host Patrick Coffey to unpack how investors are navigating a market defined by both optimism and caution. They break down key positioning themes from curve steepeners and real yields in rates to USD‑centric FX trades and selective exposure to commodities. They also examine the defensive side of the market, including long‑duration hedges such as gold. ​

​Listen in to get the strategic view on how macro investors are positioning right now. ​

​Listeners can hear more on this topic:​

1. Barclays Brief #13 – AI: The macro game changer ​
2. The Flip Side # 79 – Will the US consumer hold up in 2026? ​

​Clients can read more on Barclays Live:​

1. Macro Outlook: No turning back​
2. Are inflation markets calm or complacent?​
3. Thinking Macro: Eyes on the prize​
4. Trump calls for one-year cap on credit card rates at 10%​
5. Unprecedented times at the Fed​
6. To lower the mortgage rates, think Treasuries

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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While traditional macroeconomic factors such as labour markets, central bank policy and inflation are all important considerations for 2026, the economy is “going to live or die” by what happens with AI, according to Global Chairman of Research Ajay Rajadhyaksha.​

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In the first Barclays Brief episode of 2026, Global Head of the Product Management Group Patrick Coffey welcomes Ajay back to discuss why AI is the dominant force shaping the global economy, and what risks and opportunities investors should watch out for as the story unfolds. ​

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Listen in to get the big picture on what’s shaping markets this year.​

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Listeners can hear more on this topic:​

1. Barclays Brief #10 – Seismic Shifts: Agentic AI in Energy ​
2. Barclays Brief # 11 – Credit markets: What’s ahead for 2026​

Clients can read more on Barclays Live:​

1. Macro Outlook: No turning back​

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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.

Important Content Disclosures​

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2026 is expected to be a breakthrough year for the US robotaxi market, as autonomous vehicles shift gears from pilot projects to large-scale deployment across major cities.

Some players are expanding their fleets and coverage, while others are working to remove safety drivers and enter new metro areas. Meanwhile, several ride-hailing companies face strategic challenges as they invest in fleets but lack proprietary AV technology.

In this week’s episode, Senior Research Analyst for the Internet Sector, Ross Sandler, and Global Head of the Product Management Group, Patrick Coffey, discuss the emerging investment themes, from rapid fleet growth to evolving partnerships and the race to improve remote operator ratios for cost efficiency.

Listen in as they map out where the robotaxi journey is headed in 2026.

Listeners can hear more on this topic:

•Flip Side #76 – Is the AI investment cycle a sign of history repeating?

•Barclays Brief #7 - US dollar & the AI capex cycle

Clients can read more on Barclays Live:

•Charts Worth a Look: The US Robotaxi Market Heading into 2026

•Tesla, Inc. - FSD data driving excitement...we see considerations, but narrative remains intact

•What if... robotaxis & ride-hail drive a $42bn alcohol boom in the US?

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If you spent 2025 watching credit and thinking “this feels suspiciously quiet,” you are not alone. Barclays’ Global Head of Research, Brad Rogoff, and Global Head of Equities Distribution, Ronnie Wexler, walk through the late‑cycle credit playbook for 2026: why spreads might finally move, how trillion‑dollar ambitions for AI are colliding with debt markets, and why private credit’s rapid growth brings new complexity and risk.​

They also examine structural credit market shifts, such as portfolio trading and liquidity dynamics, and what they could mean for stability as financing needs expand across public and private markets. Dive into the full conversation to explore where credit markets may go next.​

Listeners can hear more on this topic:​

Barclays Brief Ep. 5: Private credit: Hidden interconnectivity​

Barclays Brief Ep. 6: Hyperscalers: Hypergrowth, higher risk ​

Clients can read more on Barclays Live:​

Not just sunshine and rainbows: https://live.barcap.com/go/publications/link?contentPubID=FP692f6577b7837d79e2140dee&restriction=DEBT​

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Conversations about AI often revolve around the outlooks for the Mag7, capex or the resources required to power the technology. This episode of the Barclays Brief explores agentic AI’s potential for tangible results if applied to the energy industry. Lydia Rainforth, Head of European Energy Equity Research, joins Patrick Coffey to explain how agentic AI, defined as systems that plan, decide and act without human intervention, could unlock $80bn in productivity gains by 2030. ​

The bulk of productivity gains could be realised in upstream – the exploration and extraction of raw oil and natural gas. Lydia breaks down practical use cases from faster seismic interpretation and higher hit rates in exploration to more precise, increasingly autonomous drilling. They also look at the hardware offering innovation in predictive maintenance using drones and robots that could cut downtime and increase output. ​

Listen now to hear the insights and the introduction of Barclays’ AI Readiness framework (BAIR), which allows clients of Barclays Investment Bank to see companies graded by their level of implementation of AI, helping identify potential winners and laggards.

Listeners can hear more on this topic:​

Barclays Brief Ep 6 - Hyperscalers: Hypergrowth, higher risk

Barclays Brief Ep 7 - US dollar & the AI capex cycle

Barclays Brief Ep 8 - Critical minerals: the new oil

Clients can read more on Barclays Live:​

New Horizons – Agentic AI, the $80bn game-changer for energy

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The rise of real-time trading platforms, combined with steady 401(k) inflows, has amplified wealth effects – making retail investors acutely aware that fluctuations in equity markets directly influence their perceived financial well-being, with over 30% of household net worth tied directly to equities*. As Alex Altmann puts it, “the stock market now is the economy”, as market moves have the potential to ripple straight into household spending and sentiment, reshaping the old narrative.

In this week’s episode of the Barclays Brief, Patrick Coffey speaks to Alex to reveal the signals institutional investors should be looking for in 2026, from retail trading cycle when tax returns come due to how commodities aren’t fully appreciated by markets. With US-China talks on the horizon, commodity price surges could not only disrupt supply chains, but impact household budgets.

Tune in for actionable perspectives and the themes investors can’t afford to overlook for 2026.

*Federal Reserve Flow of Funds

Listeners can hear more on this topic:

Barclays Brief ep8: Critical minerals: the new oil

Barclays Brief ep2: Gold: Unpacking the rally

Clients can read more on Barclays Live:

AI and a larger-than-expected commodities cycle

The magnetic pull of rare earths

Mined Matters – From Crypto to Commodities: More Fuel for the Gold Rally

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As technological advancement continues at pace across AI, defence and everything in between, demand for critical minerals such as rare earth elements (REEs) and copper, lithium, aluminium, nickel and cobalt (collectively known as CLANCs) has skyrocketed. Yet their supply is incredibly concentrated, making access a high stakes priority for many economies. China has invested heavily over recent decades in everything from mineral processing plants to STEM graduates and has become the dominant supplier of critical minerals.

With spot prices recently trebling amidst trade tensions and defence spending increases, countries in the West are balancing the need for immediate access to existing supplies with a strategic, longer-term pivot to build out mine-to-magnet processing.

In this episode of the Barclays Brief, Ronnie Wexler is joined by Zornitsa Todorova, Head of Thematic FICC Research, to discuss why critical minerals are set to become a defining market theme for 2026. They break down why critical minerals are the ‘new oil’, what's driving current market volatility and what the future of supply could look like.

Listeners can hear more on this topic:

Talent and trade: the new battlegrounds in AI

Q1 2026 Global Outlook: As goes AI...

Clients can read more on Barclays Live:

Critical Minerals: the magnetic pull of rare earths

2025 Equity Gilt Study - Minerals and minds

Q1 2026 Global Outlook: As goes AI...

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AI is reshaping corporate investment priorities at breakneck speed, with the US private sector pledging trillions in capital expenditures to power the next wave of innovation. Investment waves have affected currencies before, yet, for now, FX markets remain focused on near-term narratives and tactical considerations. Could this structural shift in AI spending redefine dollar dynamics, while domestic and geopolitical headwinds reinforce sentiments of de-dollarization?

In this episode of Barclays Brief, Patrick Coffey is joined by Research analyst Themos Fiotakis, Global Head of FX and EM Macro Strategy, to explore why currency markets appear to be operating in a parallel universe to equities. They also discuss potential FX upsides for metals exporters if AI-driven investment accelerates as forecast.

Listeners can hear more on this topic:

The Flip Side ep71 | Is this the end of the dollar as we know it?

Barclays Brief ep2 | Gold: Unpacking the rally

Talent and trade: The new battlegrounds in AI

Clients can read more on Barclays Live:

An AI revolution for the dollar - the (AI)lephant in the room

(A)I Owe You: Framing Hyperscaler Financing

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