The European Central Bank left interest rates unchanged, without conveying any urgency to start cutting rates in the next few months. David Zahn, Franklin Templeton Fixed Income’s Head of European Fixed Income, weighs in on the implications for investors—and why lengthening duration may make sense.

The Franklin Templeton Fixed Income team believes that sustainable investing will be a dominant investment trend in the coming years, with structural tailwinds that could help improve financial returns.

Gilt prices have been struggling this past year due to surging inflation and interest-rate increases. David Zahn, Franklin Templeton Fixed Income’s Head of European Fixed Income, shares his outlook for the UK economy and why he thinks now is a good time to consider investing in gilts.

The Franklin Templeton Fixed Income team believe that issuers that think critically about the environment in which they operate could outperform throughout the full market cycle compared with those who are slower to adapt.

The German election resulted in change in party leadership, but market impact should be limited, according to David Zahn, our Head of European Fixed Income. He shares an overview of the election implications.

As Europe’s economy continues to recover from COVID-19, it appears the central bank will remain accommodative, but for how long?

There is hope that economies will see a more sustainable and robust recovery this year, given unprecedented levels of monetary and fiscal stimulus and as more individuals are vaccinated against COVID-19. But one question for investors is what happens next—will inflation and higher interest rates be a consequence?

While the calendar has turned to a new year, many of the same uncertainties of 2020 still linger—namely the COVID-19 pandemic.

The United Kingdom and European Union finally put Brexit to bed, striking a deal in the final days of 2020. While the deal may not be perfect for either side, David Zahn, our Head of European Fixed Income, says the markets welcomed the removal of uncertainty.

The coronavirus pandemic has created many challenges for individuals, businesses and governments around the world. In Europe, there’s a new vehicle to help finance the economic recovery there—social bonds. David Zahn, our Head of European Fixed Income, discusses this exciting new bond issuance, earmarked for funding employment initiatives.

The United Kingdom officially left the European Union in January of this year, but issues remain in the Brexit saga, namely trade relations. David Zahn, our Head of European Fixed Income, weighs in on the odds no deal will be reached by year-end—and the market implications.

This November’s US presidential election pits Donald Trump against Democratic nominee Joe Biden, a longtime politician who represents a more progressive policy approach. Our Head of European Fixed Income David Zahn breaks down the implications of the US election for Europe, and why many of Biden’s policies line up more closely with European views.

The European Commission has unveiled a sweeping new €750 billion coronavirus fiscal rescue package, including the issuance of new bonds. David Zahn, our Head of European Fixed Income, calls it groundbreaking.

As European economies slowly start to come out of coronavirus lockdowns, it could be some time before growth returns to pre-crisis levels, according to David Zahn, our Head of European Fixed Income. He says the crisis has been another test for the European Union...

Newly appointed UK Chancellor of the Exchequer Rishi Sunak tore up the fiscal rulebook and unveiled a spend-heavy UK budget, announced just after the Bank of England delivered an emergency interest-rate cut.

As European Central Bank (ECB) policymakers adjust the budget to reflect lighter eurozone economic activity, moderate economic growth and the United Kingdom’s departure from the European Union (EU), David Zahn, our Head of European Fixed Income, shares his macroeconomic outlook for the region. He weighs in on why the ECB could remain accommodative.

It’s been 3-1/2 years since the United Kingdom voted to leave the European Union, and the process known as Brexit has been far from smooth. Now that the deadline to leave has passed, what’s next for the United Kingdom, and for Europe?

Against the odds, Boris Johnson’s UK government appears to have agreed to a deal in principle with the European Union (EU) which could see the United Kingdom leave the EU on October 31 in an orderly way.

As European investors and market practitioners return from their summer vacations and prepare for the final third of 2019, our Head of European Fixed Income David Zahn highlights the issues he thinks will drive markets in the coming months.

Boris Johnson, one of the most enthusiastic supporters of Brexit, is the United Kingdom’s new prime minister. David Zahn, Franklin Templeton’s Head of European Fixed Income, doubts Johnson will have much of a honeymoon period in the new role as he faces stiff challenges domestically and internationally, with global markets scouring his every move.

European parliamentary elections don’t typically generate international headlines, but with Brexit still unsettled, this time they are front and center.

UK Prime Minister Theresa May has finally confirmed the date she intends to resign, after enduring growing criticism from members of her own party. According to David Zahn, our Head of European Fixed Income, this development significantly increases the chances of the United Kingdom crashing out of the European Union (EU) without a deal. He expects a likely negative market response, but argues there may be opportunities for shrewd active managers.

UK Prime Minister Theresa May has finally confirmed the date she intends to resign as UK Prime Minister, after enduring growing criticism from members of her own party.

Many observers are predicting that European elections later this month will usher a wave of populist representatives into the European Parliament.

Once upon a time, bonds backed by a government’s full faith and credit pledge were generally considered less risky than corporate bonds. Times have changed. In today’s political climate, not all governments inspire us with the same confidence.

Brexit may have been delayed again. The European Union has offered to allow the United Kingdom more time to decide how it wants to leave. While the measure may prevent a no-deal Brexit in the short term, our Head of European Fixed Income David Zahn thinks it may simply be saving up problems for the future.

After a nail-biting few hours, European Union leaders have agreed to the UK government’s request to delay Brexit, albeit the extension is less than Theresa May had requested. But our Head of European Fixed Income David Zahn believes the decision does little more than reset the clock and he warns there is still a strong chance that the United Kingdom could still crash out without a deal.

Some commentators have described March 13 as the most important day in the Brexit saga since the June 2016 referendum. UK members of parliament have voted to reject a situation in which the United Kingdom crashes out of the European Union without a deal.

UK Prime Minister Theresa May has cleared the first hurdle in her bid to secure a soft Brexit. Her Cabinet has backed the withdrawal deal UK and European Union negotiators have agreed to. But David Zahn, Franklin Templeton’s head of European Fixed Income, warns her most difficult challenge lies ahead.

In the 16 years since the Principles for Responsible Investment (PRI) were first unveiled there’s been a sea change in awareness and concern for the environment among the general public. But that hasn’t necessarily been reflected in the asset management world.

The months of July and August are traditionally a little quieter for markets in Europe as participants take a summer break. But things don't stop completely. As the wheels get back up to speed, David Zahn, Franklin Templeton's Head of European Fixed Income, considers a few developments in Europe over the summer months that might have slipped under the radar.

The European Central Bank’s June meeting has offered some long-hoped-for clarity on the future direction of monetary policy in the eurozone. However, it hasn’t provided all the answers, and much remains open to interpretation. David Zahn, Franklin Templeton’s head of European Fixed Income, considers what might happen next and explains why he’s still not expecting a eurozone interest-rate hike before 2020.

The future of the European Central Bank’s three-year-old quantitative easing program lies in the balance. Will the bank’s governing council use its scheduled June meeting to extend the program or confirm that asset purchases will end in September? David Zahn, Franklin Templeton’s head of European Fixed Income, believes recent European economic data and political developments in Italy point towards an extension. And he argues that means eurozone interest-rate hikes are unlikely before 2020.

In this month's Global Economic Perspective, our Fixed Income Group opines on rising energy prices, US Treasury yields, emerging-market currency pressures and global economic growth.

Two months after the Italian election, the country is on the verge of a new government led by the right-wing La Lega and left-wing Five Star movement. While markets take some time to digest the full implications of this unusual tie-up, David Zahn, Franklin Templeton’s head of European Fixed Income, offers his analysis of the political situation.

No outright winner emerged from the Italian general election, but as David Zahn, Franklin Templeton’s head of European Fixed Income, explains, that situation is normal for Italy. He expects a muted response from European bond markets but cautions there may be consequences down the road if the authorities fail to take the need for reform seriously.

The upcoming Italian election is not attracting the same sort of attention among investors as votes last year in France and Germany. For that very reason, David Zahn, Franklin Templeton’s head of European Fixed Income, believes an unexpected result might provoke an outsized market reaction.

For fixed income investors eyeing opportunities in Europe, 2018 should be the year economic fundamentals reassert their worth, according to David Zahn, Franklin Templeton’s head of European Fixed Income. Nonetheless, Zahn believes many investors are underappreciating the long-term implications for Europe of the biggest political uncertainty for the region—Brexit.

Angela Merkel’s re-election as German Chancellor was very much expected, but the implications of her victory are harder to predict. Here three of our portfolio managers with a particular interest in Europe share their views on what Merkel’s victory could mean for the region.

As Germany prepares to go to the polls in its general election, David Zahn, Franklin Templeton Fixed Income Group’s head of European fixed income, considers what the result could mean for Europe, the European Union and the eurozone.

Speculation had been rife that the European Central Bank might have used its September Governing Council meeting to signal the start of tapering for its quantitative easing program. That confirmation didn’t come, switching attention to the October 26 meeting.

As the traditional summer lull in market activity draws to a close, investor attention turns to key monetary policy meetings across the globe, kicking off with the European Central Bank meeting on September 7, which some commentators believe could see the announcement of a change in monetary policy approach.

In this month’s Global Economic Perspective, Franklin Templeton Fixed Income Group dives into diverging central bank policy and weighs in on whether the European Central Bank is likely to be less accommodative—and what its timing might look like.

In the sort of unexpected twist that observers have come to expect from elections recently, UK voters have dealt a bitter blow to Prime Minister Theresa May, robbing her of her narrow parliamentary majority. With further financial market volatility on the horizon, David Zahn, head of European Fixed Income, Franklin Templeton Fixed Income Group, offers his view of the situation.

There were no surprises as French voters elected Emmanuel Macron as their new president after the second round of voting. Franklin Templeton’s investment professionals share their thoughts on the prospects of a Macron presidency and suggest it might not be plain sailing for the self-styled political outsider.

There's some clear blue water between the two candidates contesting the final round of the French presidential elections on May 7: Marine Le Pen and Emmanuel Macron. Here, David Zahn, head of European Fixed Income, Franklin Templeton Fixed Income Group, shares some thoughts on the potential market implications of the race.

As far as most commentators are concerned, the first round of the French presidential elections, due to take place on April 23, will be a race to see who faces the far-right National Front leader Marine Le Pen in the run-off in May.

Franklin Templeton Fixed Income Group’s David Zahn examines the issue of populism in Europe, including Dutch elections and a possible second Scottish referendum.

Earlier this month, David Zahn, head of European Fixed Income, Franklin Templeton Fixed Income Group, set out some thoughts on the political and economic landscape for Europe in 2017.

Although continued political uncertainty looks set to dominate the investment agenda for 2017, much as it did in 2016, David Zahn, head of European Fixed Income, Franklin Templeton Fixed Income Group, feels investors need to take heed of other themes that may be bubbling under the surface in the year ahead.