Investment Sector – Mega-rotation could be biggest since post-pandemic: deVere CEO

Source: deVere Group

July 6 2026 – Mega-rotation out of Big Tech is going to be a major theme for investors for the rest of 2026, predicts the CEO of one of the world's largest independent financial advisory organisations.

The prediction from deVere Group's Nigel Green comes as investors accelerate a broad shift away from concentrated positions in mega-cap technology stocks and into financials, industrials, healthcare, energy, infrastructure and value sectors, following softer-than-expected US jobs data and growing evidence that market leadership is widening.

The S&P 500 Equal Weight Index is enjoying its strongest relative start to a year since 1992, while equal-weight US equities have outperformed their market-cap weighted counterparts in recent months, highlighting a major broadening of participation beyond the largest technology stocks. The shift comes as the Dow Jones Industrial Average notched its second record closing high last week, rising above 52,900 as investors rotated into economically sensitive sectors while reducing exposure to parts of the technology and semiconductor complex.

He says: “We believe investors are witnessing the beginning of one of the most important reallocations of capital since the post-pandemic recovery.

“For years, returns became increasingly concentrated in a handful of mega-cap technology companies. This trade generated exceptional wealth. It also created extraordinary concentration risk.

“Investors are now repositioning aggressively because they recognise that opportunity has expanded far beyond the narrow group of stocks that dominated markets over recent years.

“We expect this mega-rotation to become one of the defining investment themes for the remainder of 2026.”

The shift accelerated after the latest US employment report showed the economy added just 57,000 jobs in June, roughly half of consensus expectations, while previous months were revised lower.

Markets responded by sharply reducing expectations of further Federal Reserve tightening, with investors increasingly betting that the Fed will remain on hold as labour market momentum cools. The shift in interest rate expectations has helped fuel renewed interest in sectors that have lagged the AI-led rally and stand to benefit from a more stable monetary environment.

The deVere CEO continues: “The labour market data has reinforced a growing belief that the next phase of this market cycle will look very different from the previous one.

“Investors are increasingly positioning for a world in which interest rates stabilise, economic growth moderates rather than collapses, and market leadership broadens substantially.

“The combination creates enormous opportunities.

“The Federal Reserve remains central to this story. Markets are increasingly concluding that policymakers have room to be patient, and that changes the opportunity set for investors considerably.

“When interest rate expectations stabilise, capital typically broadens out across the market. We believe that process has already begun.

“We remain very bullish on artificial intelligence over the long term. AI will continue to reshape industries, business models and investment portfolios for years to come.

“But investors are asking an increasingly important question: where does the next wave of returns come from?

“Our answer is becoming clearer by the week.”

Wall Street strategists have increasingly described the current environment as a major rotation trade, with capital flowing into cyclical and value-oriented sectors after years of extreme technology dominance.

Recent weakness in momentum-driven semiconductor trades has further strengthened expectations that broader market participation could become a defining feature of the second half of the year.

Nigel Green explains: “We believe financials, industrials, healthcare, infrastructure, energy and selected consumer sectors are entering a powerful period of renewed investor demand.

“These sectors possess attractive valuations, strong earnings potential and significant room for capital inflows.

“The opportunity set available to investors today is arguably broader than at any point over the last several years.

“When market leadership expands, bull markets become stronger, deeper and more durable. The process is now underway.”

He concludes: “Many investors remain anchored to the winners of the previous phase of the cycle. History teaches us that such an approach rarely delivers the strongest returns.

“The investors who identify major transitions early are typically the ones who benefit most.

“The mega-rotation has powerful economic, monetary and valuation drivers behind it.

“Our view is that this trend has further to run, participation will continue to broaden, and the opportunities emerging across global markets are exceptionally compelling.”

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

Australia – Compumedics Delivers Record FY26 Revenue

Source: Bourse Communications for Compumedics

Record shipped & invoiced revenue of approximately $60.3 million, up approximately 18% year-on-year, with key growth drivers, Somfit and Nexus 360 SaaS recurring revenue up approximately 70%

BUSINESS UPDATE

Compumedics Limited (ASX: CMP), a leading global medical device company that develops, manufactures and commercialises diagnostic technology for sleep, brain and ultrasonic blood flow monitoring, provides the following FY26 Business Update. We also advise of the resignation of Non-Executive Director Mr Christopher R. Barys.

BUSINESS HIGHLIGHTS

•       Record FY26 shipped and invoiced revenue of approximately $60.3 million, subject to audit, representing growth of approximately 18% on FY25

•       FY26 sales orders of approximately $62.7 million, demonstrating continued demand across the Company's core sleep, neurology, MEG and connected platform businesses

•       Somfit and Nexus 360 SaaS recurring revenues increased approximately 70% on FY25, despite Somfit D not yet being commercially released in the USA

•       FY26 EBITDA is anticipated to grow, subject to audit, supported by revenue growth, cost discipline and increasing contribution from higher quality recurring revenue platforms

•       Existing MEG orders continue to progress through manufacture and shipment, with recent invoicing completed in June

•       Helium-related supply and pricing disruption, which slowed MEG shipment and installation activity more than anticipated, has now been resolved

•       Somfit D manufacturing commitments are now in place, with the Company continuing to work toward USA release

•       The Company enters FY27 focused on delivering further double-digit revenue growth and EBITDA growth at a faster rate than revenue

•       A strong and performing order book and healthy sales pipeline for FY27

PERFORMANCE OVERVIEW: FY26

Compumedics expects to report record FY26 shipped and invoiced revenue of approximately $60.3 million, subject to audit, representing growth of approximately 18% on FY25.

The Company also expects to report FY26 sales orders of approximately $62.7 million, reflecting continued demand across its global sleep, neurology, MEG and connected platform businesses.

The result demonstrates continued operating progress, with strong year-on-year growth in shipped and invoiced revenue, and a growing contribution from recurring SaaS revenues.

FY26 EBITDA is estimated to grow, subject to audit. This reflects the benefit of higher shipped and invoiced revenue, cost discipline across the group and the increasing contribution from connected and recurring revenue platforms.

FY26 shipped and invoiced revenue was modestly below the Company's April 2026 revised revenue guidance of approximately $62 million to $65 million. This primarily reflects timing factors, including further delays to MEG shipment and invoicing caused by higher helium prices from the conflict in the Middle East, which are now resolved, together with Somfit D continuing to move cautiously toward commercial release in the USA.

Importantly, Compumedics delivered record shipped and invoiced revenue in FY26. The variance to guidance reflects the timing of shipment, invoicing and revenue conversion, rather than any deterioration in underlying demand.

1. Record shipped and invoiced revenue

Compumedics expects to report record FY26 shipped and invoiced revenue of approximately $60.3 million, subject to audit, representing growth of approximately 18% on FY25.

The Company also delivered FY26 sales orders of approximately $62.7 million, reflecting continued demand across its key global platforms and providing a strong base for future revenue conversion.

The revenue result was supported by:

•       continued demand across sleep diagnostics and neurology;

•       growth in connected platforms, including Somfit and Nexus 360;

•       ongoing MEG activity and existing MEG projects progressing through manufacture and shipment; and

•       recurring contribution from service and supplies.

The Company remains focused on converting its healthy sales pipeline, its strong sales orders and existing order book into shipped and invoiced revenue through FY27.

2. Somfit and Nexus 360 SaaS recurring revenue growth

Compumedics' connected platforms continued to deliver strong growth in FY26, with Somfit and Nexus 360 SaaS recurring revenues increasing approximately 70% on FY25.

This growth was achieved despite Somfit D not yet being commercially released in the USA, highlighting the strength of the Company's existing connected platform strategy and the increasing contribution from SaaS and annuity-style revenues.

The Company continues to view Somfit, Nexus 360 and related connected platforms as important drivers of higher quality revenue, recurring earnings and long-term customer engagement.

3. MEG progress and helium issue resolved

Compumedics' MEG business remains a high-value growth platform, with existing orders continuing to progress through manufacture and shipment.

The Company completed recent MEG invoicing in June, although the level of FY26 shipped and invoiced revenue recognised was lower than anticipated when the April 2026 revised guidance was issued.

MEG activity was slowed further than expected by helium-related availability and pricing disruption, which affected shipment and installation timing. This issue has now been resolved.

The Company remains focused on progressing existing MEG orders through manufacture, shipment, installation and revenue recognition. These factors affect timing rather than underlying demand.

4. Somfit D manufacturing and USA release

Compumedics continues to progress Somfit D toward commercial release in the USA.

The Company has taken a deliberate and quality-focused approach to manufacturing readiness and deployment ahead of full commercial rollout. Manufacturing commitments are now in place, and the Company continues to work through the remaining steps required to support USA release.

The Company remains optimistic about the long-term opportunity for Somfit D in the large home sleep testing market in the USA.

Non-Executive Director resignation

Compumedics advises that Mr Christopher R. Barys has resigned as a Non-Executive Director of the Company, effective 30 June 2026.

Mr Barys' departure is by mutual agreement as the Company enters its next phase of development.

Mr Barys was appointed to the Board in September 2025 and brought significant U.S. MedTech, commercial, strategic partner and capital markets experience to Compumedics. During his time with the Company, Mr Barys supported Compumedics' U.S. growth and investor engagement objectives.

Compumedics Executive Chairman, David Burton said:

“On behalf of the Board, I would like to thank Chris for his contribution to Compumedics during his time as a Non-Executive Director. Chris brought valuable U.S. MedTech, commercial and capital markets experience to the Board, and we appreciate his input and perspectives over the past nine months. We wish Chris well in his future endeavours.”

Mr Barys said:

“I am grateful for the opportunity to have served on the Board of Compumedics. I remain deeply impressed by the Company's vision, optimism and perseverance, and I look forward to following its continued global success.”

OUTLOOK FOR GROWTH

Compumedics enters FY27 with record shipped and invoiced revenue, strong growth in Somfit and Nexus 360 SaaS recurring revenues, existing MEG orders progressing through manufacture and shipment, and Somfit D moving toward USA release.

The Company is targeting further double-digit revenue growth in FY27, supported by conversion of its order book and pipeline, ongoing MEG activity, continued growth in connected SaaS and recurring revenues, and the planned release of Somfit D in the USA.

With continued operating discipline and increasing contribution from higher quality recurring revenue platforms, the Company is targeting EBITDA growth at a faster rate than revenue growth in FY27.

The Board and management remain confident in Compumedics' medium-term growth outlook, supported by its differentiated technology platforms, global customer base and opportunities across MEG, Somfit, Nexus 360, sleep diagnostics and neurology.

About Compumedics Limited

Compumedics Limited [ASX: CMP] is a leading global medical device company that develops, manufactures, and commercialises diagnostic technology for sleep, brain, and ultrasonic blood flow monitoring applications. The Company owns Neuroscan, based in the USA, and DWL Elektronishe Systeme GmbH, based in Germany. In conjunction with these two subsidiaries, Compumedics has a broad international reach, including the Americas, Australia and Asia Pacific, Europe, and the Middle East.

Executive Chairman Dr. David Burton founded Compumedics in 1987. That same year, the Company successfully designed and installed the first fully computerised Australian sleep clinic at Epworth Hospital in Melbourne. Following this early success, Compumedics focused on developing products for the growing international sleep clinic and home monitoring markets.

Compumedics listed on the Australian Securities Exchange in 2000. Over the years, Compumedics has received numerous awards, including Australia's Exporter of the Year, and has been recognised as a Top 100 Innovator by both German and Australian Governments.

For more information please visit: https://www.compumedics.com.au

Business – Australian Founder Expands to America with Mission to Give Small Businesses a Fighting Chance

Source: HCPA

Key facts:

  • Australian entrepreneur Kyle Hunt has expanded his company HCPA into the United States, opening a new office in Austin, Texas, as part of an international growth strategy.
  • HCPA's mission is to make highly regulated and complex industries more accessible to smaller businesses, startups, and first-time founders who are often locked out by expensive licensing requirements and complicated regulations.
  • Hunt argues that regulatory barriers, whilst necessary for consumer protection, disproportionately favour large corporations that can spread compliance costs across a vast customer base, citing Australia's Big Four banks as a prime example.
  • HCPA has built its reputation in Australia by helping businesses navigate certification and operational challenges in heavily regulated sectors, and Hunt believes the same barriers exist across the United States.
  • Hunt measures success not by revenue or office locations, but by how much market share can be shifted from large monopolies to smaller operators and underdogs competing against industry giants.

AUSTIN, TEXAS / MELBOURNE, AUSTRALIA – Australian entrepreneur Kyle Hunt has officially expanded HCPA into the United States, opening a new office in Austin, Texas, in a move that signals the beginning of an ambitious international mission: making it easier for everyday people to succeed in some of the world's most complex and highly regulated industries.

For Hunt, the expansion is about far more than business growth.

It's about challenging a system that often favours large corporations with deep pockets while leaving smaller operators struggling to navigate expensive licensing requirements, complicated regulations and industry gatekeepers.

“Too many industries have become inaccessible unless you have significant money, resources or connections” said Hunt.

“Our mission is simple: open the world's hardest industries to everyone. Whether you're a startup founder or someone with a great idea – you shouldn't be locked out because the rules are too complicated or the barriers are too high.”

Founded in Australia, HCPA has built its reputation helping businesses navigate certification and operational challenges in highly regulated sectors. The company has grown rapidly by focusing on helping people take on the giants who are hoarding billions of dollars in highly regulated industries.

Now, Hunt believes the challenges faced by Australian businesses are mirrored across the United States.

“The smaller guys deserve access to the same advantages. That's what we're building.”

The Austin launch marks the first step in HCPA's international expansion strategy, with further growth planned as the company continues pursuing its mission of opening the world's hardest industries to everyone.

For Hunt, success won't be measured solely by revenue or office locations.

“It’ll be measured by how much revenue goes from the monopolies to the small guys,” he said.

“If we can make it easier for the small business owner, the first time founder or the underdog to compete against the big players, then we're doing exactly what we set out to do.”

A clear example of the challenge Hunt is trying to solve can be seen in Australia’s banking industry and the dominance of the “Big Four” banks.

Banking is one of the most heavily regulated industries in the world, with strict requirements around capital reserves, risk management, cybersecurity, consumer protection and anti-money laundering systems. These protections are essential for maintaining trust and stability – but they also create enormous barriers for new players trying to enter the market.

For a smaller financial institution, building the same infrastructure as a major bank can require significant investment before they even have the opportunity to compete. Meanwhile, Australia’s largest banks (Commonwealth Bank, Westpac, ANZ, and NAB), have the advantage of scale – allowing them to spread the costs required across millions of customers.

The result is an industry where the rules designed to protect consumers can unintentionally make it harder for smaller organisations to compete.

This is the broader challenge Hunt believes exists across some of the world's hardest industries: the barriers to entry are often so complex and expensive that only the biggest players can afford to overcome them.

“Regulation exists for a reason: it protects people and creates trust. But when the cost of entering an industry becomes too high, we risk creating systems where only the biggest companies can compete. Our mission is to give the smaller players access to the tools, technology and support they need to stand alongside the giants who are hoarding billions.”

Through HCPA’s expansion into the United States, Hunt is aiming to change that dynamic – helping businesses navigate complexity, meet higher standards, and compete in industries that have traditionally been difficult to access.

Solomon Islands – North West Choiseul Constituency acclaims PRC’s generous $100,000 livelihood support

Source: Solomon Islands Government

The North West Choiseul Constituency (NWCC) has expressed its heartfelt gratitude to the Government of the People's Republic of China (PRC) for its generous financial support of $100,000.00 for procuring livelihood essentials for NWCC communities.

Constituency Development Officer (CDO) Gabby Taniveke said that the financial assistance enables the constituency office to purchase solar system sets including deep freezers, electrical cables, and accessories to boost renewable energy for health, education, church, and community needs where they are most required.

The beneficiaries include:

Vurango Community – Received Solar Power System
Pirakamae Community High School – Received Solar Power System
United Church Lauru Region Headquarters – Received Solar Power System
Nukiki Community Clinic – Received electrical cables and fittings for the expansion of their existing solar power system, and 5.2 kilowatts solar power systems for two families.

CDO Taniveke said the significant assistance of these solar systems will definitely serve the communities, especially the beneficiaries, ensuring reliable and clean energy for improved lighting and community infrastructure development.

He described the support as a meaningful contribution that will bring immense benefits not only to the particular beneficiaries but also to the people of NWCC, who will access services from the school, church, and clinic.

“On behalf of our Honourable Member of Parliament, Minister Hurry Kuma and the NWCC communities, we convey our deep appreciation to the PRC Embassy for this act of generosity. This gesture reaffirms the strong friendship between our two nations and our communities, and we are proud to stand alongside you in advancing shared goals for development and prosperity in the Solomon Islands,” he said.

Mr. Taniveke acknowledged that partnerships such as this play a vital role in advancing community development and improving the livelihoods of our rural communities.

“The communities and the constituency office deeply value this gesture of goodwill and cooperation, which will surely enhance the quality of life for our people,” Mr. Taniveke added.

Meanwhile, the Ministry of Rural Development (MRD) also acknowledged PRC’s ongoing support to the constituencies in developing rural livelihoods and improving the standard of living for rural Solomon Islanders.

The Ministry further reaffirmed its ongoing cooperation and partnership with the PRC Embassy in the national rural development program.

MRD appeals to both constituency offices to utilize the donations transparently and ensure maximum benefits for their communities and the needy.

As the Solomon Islands continues to navigate challenges and opportunities on its development path, support from the PRC remains invaluable in this process.

The MRD looks forward to further collaboration with the PRC and other development partners to foster sustainable progress for all rural Solomon Islanders.

Self-immolation of Tibetan man outside UN highlights long-standing Chinese repression

Source: Amnesty International

Responding to reports of the death of a Tibetan man following an apparent act of self-immolation outside the United Nations headquarters in New York, Amnesty International’s Deputy Regional Director Sarah Brooks said:

“Our thoughts are with everyone who knew and loved the man who has died and the broader Tibetan community. Self-immolation as protest by Tibetans has persisted for many years, and it does not happen in a vacuum.  It reflects the depth of desperation felt by people who see no other way to draw attention to ongoing human rights violations.

“This death comes just a day after China's Ethnic Unity Law entered into force, a law that brazenly pushes non-Han ethnic groups including Tibetans, Uyghurs and Mongolians toward a single, state-defined national identity rather than protecting their distinct cultures and languages.

“This tragedy is a moment for all to reflect on the human cost of these policies: for the Chinese authorities to end their repressive policies in Tibet, including those entrenched by the Ethnic Unity Law, and for other governments to recognize the Law for the dangerous tool of repression that it is.

“The international community must not allow this death to pass without renewed scrutiny of the human rights crisis in Tibet. Chinese authorities must end their repression of Tibetans and allow independent access to the region for UN experts and other independent observers. They must also ensure there are no government reprisals against the family of the man who died, as has happened previously in response to self-immolations by Tibetans.”

Background

According to media reports and Tibetan organizations, a 52-year-old Tibetan man named Lobga Rangzen (also known as Lobsang Palden) died after an apparent act of self-immolation outside the United Nations headquarters in New York on 2 July 2026. Described as a Tibetan activist, he was reportedly carrying a Tibetan flag and calling for freedom for Tibet before setting himself on fire.

Amnesty International has documented decades of human rights violations against Tibetans, including severe restrictions on freedom of religion or belief, freedom of expression, peaceful assembly and cultural rights. Tibetans continue to face pervasive surveillance, arbitrary detention, restrictions on the use of the Tibetan language and the criminalization of peaceful expressions of Tibetan identity.

On 1 July 2026, China's new Ethnic Unity Law entered into force. Amnesty International warned that the law would further institutionalize policies of forced assimilation targeting Tibetans, Uyghurs and other non-Han ethnic groups, and could strengthen the legal basis for transnational repression, targeting and violating fundamental freedoms of those peacefully advocating for minority rights outside China.

Amnesty International has repeatedly called on the Chinese authorities to end policies that violate the human rights of Tibetans, in concert with Tibetan advocacy groups and with UN experts, and will continue to urge China to grant meaningful and unfettered access to Tibet for UN experts and other independent observers.

Energy Sector – Equinor extends helicopter contract worth NOK 1.7 billion

Source: Equinor

3 July 2026 – Equinor has extended its agreement with CHC Helikopter Service for personnel transport and search and rescue services in Central Norway until 2030.

Equinor has exercised two options with CHC. The agreement ensures the continued provision of helicopter capacity that is essential for safe personnel transport and emergency preparedness for Equinor’s operations in the region.

“Safe transportation of personnel to and from our installations is a prerequisite for safe operations. With this extension, we are securing robust and predictable helicopter services in Central Norway until 2030. This is a region with a high level of activity for Equinor”, says Mette Ottøy, Senior Vice President for Joint Operations Support at Equinor.

CHC will continue to provide helicopter services from bases in Kristiansund and Brønnøysund, in addition to search and rescue services at Heidrun. The contract provides predictability for maintaining current helicopter preparedness and capacity throughout the option period.

Helicopter capacity in Central Norway

For Equinor, CHC operates the following helicopter capacity in Central Norway:

Kristiansund: Two passenger helicopters and one back-up search and rescue (SAR) helicopter
Brønnøysund: One passenger helicopter, also used for medical evacuation
Heidrun: One SAR helicopter on the installation
The helicopters are of the Sikorsky S-92 type.

Facts

Contract partner: CHC Helikopter Service AS
Scope: Personnel transport and search and rescue services in Central Norway
Number of options exercised: Two
Option period: 1 February 2028 to 31 January 2030
Estimated value: Approximately NOK 1.7 billion (combined value of both options).

Asia-Pacific ministers adopt new roadmap to tackle climate change, biodiversity loss and pollution together

Source: United Nations ESCAP

Governments across Asia and the Pacific today agreed a new regional agenda to tackle climate change, biodiversity loss and pollution through more coordinated action, reflecting growing recognition that the region's most pressing environmental challenges cannot be solved in isolation.

Convened by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) this week, they adopted the Ministerial Declaration on Environment and Development in Asia and the Pacific 2026, together with the Regional Programme of Action on Advancing Synergies for Sustainable Development in Asia and the Pacific, 2026–2030.

The agreements come as Asia and the Pacific faces mounting environmental pressures. At the current pace, 88% of measurable environment-related Sustainable Development Goal targets are projected to be missed by 2030, while 90% of people in the region are exposed to unsafe levels of air pollution. Climate change, biodiversity loss and water insecurity are also placing growing pressure on livelihoods, economies and ecosystems.

“Fragmented responses are inefficient and cannot keep pace with interconnected challenges. Advancing synergies is a practical necessity for achieving better development outcomes while making the best use of increasingly constrained financial, institutional and technical resources,” underscored United Nations Under-Secretary-General and Executive Secretary of ESCAP Armida Salsiah Alisjahbana.

The Declaration and Regional Action Programme encourage countries to better align policies, financing and institutions so that action in one area can generate wider benefits across others, helping accelerate implementation of global and regional environmental commitments.

“Access to predictable, adequate and grant-based finance remains critical. Climate-vulnerable countries should not face additional financial burdens in responding to a crisis we did little to create,” shared Ali Shareef, Minister of Climate Change, Environment and Energy of the Maldives and Chair of the ninth session of the ESCAP Committee on Environment and Development.

The new agenda builds on growing momentum across the region. 39 ESCAP member States have adopted carbon neutrality or net-zero targets, 46 countries have incorporated nature-based solutions into national climate or development policies, and 25 of 27 coastal countries submitting updated national climate plans now include ocean-based measures.

Earlier in the week, on 30 June, ESCAP launched the Asia-Pacific Synergies Report, developed in partnership with the Asian Development Bank, the United Nations Environment Programme and the Institute for Global Environmental Strategies, with support from the Government of Japan. Drawing on more than 140 case studies, the report highlights concrete ways countries can tackle the triple planetary crisis simultaneously. It demonstrates how integrated governance, innovative financing and better data can deliver faster, more effective progress toward sustainable development.

For more information: https://www.unescap.org/events/2026/CED9

Read the full report: https://www.unescap.org/kp/2026/asia-pacific-synergies-report-advancing-synergistic-solutions-triple-planetary-crisis  

Compendium of case studies: https://www.unescap.org/sites/default/d8files/2026-06/Compendium%20of%20Case%20Studies%20on%20Synergies.pdf

The Economic and Social Commission for Asia and the Pacific (ESCAP) is the most inclusive intergovernmental platform in the Asia-Pacific region. The Commission promotes cooperation among its member States and associate members in pursuit of solutions to sustainable development challenges. ESCAP is one of the five regional commissions of the United Nations.
 

Economy – Federal Reserve’s nightmare arrives: weak jobs, high inflation – deVere Group

Source: deVere Group

July 2 2026 – The Federal Reserve's worst-case scenario may be unfolding after a sharply weaker-than-expected US jobs report landed just days after inflation accelerated above 4%, says the CEO of global financial advisory giant deVere Group.

The comments from Nigel Green come after the US economy added just 57,000 jobs in June, far below expectations, while April and May payrolls were revised sharply lower.

The unemployment rate edged down to 4.2%, but average monthly job growth over the past year has slowed to just 36,000.

The figures come less than a week after the Federal Reserve's preferred inflation measure rose to 4.1%, more than double the central bank's 2% target.

Nigel Green says: “This is the scenario the Federal Reserve was hoping to avoid.

“It's a nightmare scenario. The economy is slowing, but inflation remains above 4%. That leaves policymakers trapped between two problems and without an easy solution.”

He continues: “At the beginning of this year, markets were debating how many times the Fed would cut interest rates.

“Now, investors are asking a very different question: can the Federal Reserve cut at all if inflation remains this elevated?”

The June employment report points to a labour market that is losing momentum more quickly than many investors anticipated. Hiring slowed sharply, previous gains were revised lower and several sectors showed little or no growth.

Yet inflation remains stubbornly high.

“This jobs report creates more uncertainty.

“For the past two years, investors have operated on the theory that weaker economic data would automatically lead to lower interest rates.

“Today's report suggests that relationship may no longer be so straightforward.”

He argues that investors have repeatedly underestimated the complexity of the current economic cycle.

“Again and again, markets predicted recession. Again and again, they predicted rapidly falling inflation and aggressive monetary easing.

“Instead, we have a slowing economy alongside inflation that remains deeply uncomfortable for policymakers.

“That's not a normal economic environment.”

The CEO of deVere Group says the implications go way beyond monetary policy.

“The assumption that lower interest rates would quickly return has influenced investment strategies, business planning and asset valuations across the global economy.

“Those strategies now deserve a serious reassessment.”

He notes that while financial markets are likely to increase expectations of future rate cuts following today's report, Federal Reserve officials are unlikely to focus on employment data alone.

“Central bankers understand that credibility matters. They know that declaring victory over inflation too early risks creating a much bigger problem later. This means the Federal Reserve now faces one of its most difficult balancing acts in years.”

Nigel Green concludes: “The Fed's nightmare scenario is an economy losing momentum while inflation remains stubbornly high.

“And until one of those forces gives way, uncertainty is likely to remain the defining feature of the economic and investment landscape.”

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

Sudan: RSF atrocities in El Fasher ‘a stain on the conscience of humanity’ – new report

Source: Amnesty International Aotearoa New Zealand

  • RSF committed crimes against humanity and ethnic cleansing
  • Children deliberately targeted by RSF fighters during attacks
  • Ceasefire and international protection force urgently needed
The Rapid Support Forces (RSF) committed crimes against humanity and ethnic cleansing during its campaign to seize El Fasher in North Darfur state in Sudan, Amnesty International concluded in a major new report. The organization is now calling for an immediate ceasefire in Sudan, and for the urgent deployment of an international force to protect civilians.
City Under Siege, Children Under Fire: Rapid Support Forces' Crimes Against Humanity in North Darfur documents how civilians in and around El Fasher were killed, injured, beaten, tortured and detained between early 2024 and October 2025 as the RSF fought the Sudanese Armed Forces (SAF) and allied Joint Forces in a war that devastated North Darfur. The RSF’s crimes included murder, forcible transfer, imprisonment, torture, rape, sexual slavery, other forms of sexual violence, enslavement, extermination and persecution.
Hundreds of thousands of children have been displaced, many of them repeatedly risking death and injury during attacks or while fleeing. Countless have been orphaned. People with disabilities and older people have faced acute risks, including targeted attacks, abandonment, and exclusion from essential assistance.
Throughout assaults on North Darfur, the RSF routinely used terms like falangay, indicating slavery or servitude, during attacks on civilians of non-Arab ethnicity.
“The war in Sudan is a war on civilians. The world was warned of the horrors that civilians in El Fasher confronted as the RSF laid siege to the city. It is a stain on the conscience of humanity,” said Agnès Callamard, Amnesty International’s Secretary General.
“Children were not collateral damage of this violence – often, they were deliberately targeted and have suffered immensely. They have been killed, injured, raped, abducted, and forcibly recruited on a massive scale.
“A nationwide ceasefire is immediately needed. An independent and adequately resourced international force must be deployed to Sudan to protect civilians against crimes by all parties to the conflict. Without urgent action from the international community, attacks on civilians – and the immense suffering and trauma being inflicted on children – will continue unhindered.”
Amnesty International interviewed 247 people for the report, including 208 survivors (169 adults and 39 children) who experienced or witnessed conflict-related abuses. The report also contains open-source analysis, including 89 videos and extensive analysis of satellite imagery from North Darfur.
On 10 June 2026, Amnesty International sent a letter to General Mohamed Hamdan Dagalo, head of the RSF, documenting the report’s findings. At the time of publication, no response had been received.
Analysis of evidence gathered within the geographic and temporal scope under examination in this report allows for the conclusion – without qualification – of persecution based on ethnic identity. Amnesty International believes that acts documented in this report, as well as other suspected crimes under parallel investigation, may be relevant to the crime of genocide. Its investigation into this conduct is ongoing at the time of publication.
Siege warfare
By November 2023, the RSF controlled four out of five state capitals in Darfur. El Fasher, the capital of North Darfur, was the lone holdout. Beginning in 2024, the RSF systematically attacked the villages, towns, and displacement camps surrounding El Fasher, targeting residents with violence and pillaging, and burning civilian infrastructure.
Many of these communities were predominantly from the Zaghawa ethnic group. During attacks, RSF fighters burned civilian homes long after residents had fled, suggesting an intent to render the areas uninhabitable. These actions, combined with the RSF’s continued control of these areas, preventing displaced populations from returning, are consistent with the ethnic cleansing of the Zaghawa people from areas near El Fasher.
Yagoub-, a 17-year-old Zaghawa boy, was at his family farm near Abu Zerega, a town 35km south of El Fasher, when the RSF attacked in December 2024. He tried to flee but was captured by the RSF. He told Amnesty International: “They tied me up and beat me with sticks and the back of an AK-47. Then one of them approached on a camel and said, ‘This is the child of a falangay’… And he just shot me in the leg.”
Yagoub now uses crutches to walk. Eight of his cousins, including four boys aged between 11 and 17, were killed in the same attack.
With residents forcibly displaced from the villages around El Fasher, the RSF maintained a brutal siege on the city from May 2024 to October 2025, restricting the entry of food and humanitarian supplies, and shelling the city on a near-daily basis. Famine spread, forcing people to eat ambaz, a byproduct of peanut oil production normally used as animal feed. All civilians, but particularly children – on whom disease and malnutrition can have irreversible effects – bore the brunt of this manufactured famine.
Women described giving birth amid severe deprivation and stress: in sweltering underground bomb shelters, in hospitals that were shelled or while fleeing violence. Unable to get adequate nutrition themselves, they often could not produce enough milk to feed their newborns. With no safe alternatives, many women watched their babies waste away.
Rashida-, a 39-year-old woman, lost her youngest child, a one-year-old twin in August 2025. She said: “[My son] was getting very weak [and] not taking milk. He became very thin.”
The capture of El Fasher
On 26 October 2025, the RSF waged its final offensive on El Fasher. When civilians attempted to flee, they encountered a 57km network of berms. A massacre followed: hundreds were executed, and many others were tortured or detained.
Amnesty International interviewed 70 survivors, almost all of whom witnessed executions, rape, other torture or hostage-taking. One 58-year-old woman estimated she saw more than 1,000 dead bodies: “The people who were shot were thrown inside the berm… [The RSF] said they would fill in the berm with the bodies.”
Many children were among those killed at the berm. Taiseer-, a 68-year-old Zaghawa woman fleeing with her five grandchildren, saw the RSF shoot and kill a 12-year-old boy who was accompanying them.
Zubeida-, a 15-year-old girl, survived a massacre of approximately 25 people at the berm only because she identified herself as half Arab and falsely claimed that her father was in the RSF. She witnessed the execution of men and boys, the killing of women who resisted rape, and the shooting of young children. She said: “I am the only survivor.”
Those who remained in El Fasher witnessed horrific violations. Amnesty International interviewed 18 people who were present at Saudi Maternity Hospital, including staff, patients and relatives of patients, who saw the RSF kill scores of people there. Attacking the Saudi Maternity Hospital, a protected object under international law, is a war crime.
Sexual violence, hostage-taking and child recruitment
The RSF raped and committed other forms of sexual violence on a massive scale across many settings. Amnesty International interviewed 26 survivors of sexual violence, including 20 female survivors of rape, among them three girls under the age of 18 and one young woman raped when she was 17. Survivors described being subjected to severe humiliation and abuse that left lasting physical and psychological harm.
Tasneem-, a 13-year-old Zaghawa girl, was abducted in early April 2025 when RSF fighters attacked her village west of El Fasher. Tasneem was herding the family’s livestock with her father when RSF fighters approached. Tasneem watched the RSF shoot her father dead, before she was abducted and transported to El Daein, approximately 350km away.
She told Amnesty International: “[The first time I was raped] it was three people. I was blindfolded… They held me down… They said this is happening to you because your boys fought us, boys of the falangayat.”
The RSF also unlawfully detained civilians and held many of them hostage for ransom, often in horrific conditions. Amnesty International interviewed 45 people who were unlawfully detained by the RSF, including eight children, between July 2024 and January 2026.
Detention conditions were abusive and degrading. Interviewees, including boys as young as 13, said they were beaten and verbally abused with ethnic slurs by RSF soldiers while in captivity. They were denied adequate food and water, and kept in sweltering, overcrowded rooms. Illness spread: many detainees witnessed dozens, and sometimes hundreds, of people dying from dehydration or disease.
Amnesty International interviewed nine men who were held in Mina al-Bari detention centre, on the eastern outskirts of El Fasher, for periods of up to five months between mid-2024 and early 2026. They said they were detained in shipping containers, which were kept closed most of the time. The stifling heat and minimal air circulation made it difficult to breathe.
One man who was held there said: “You cannot stretch your legs… You cannot sleep long… [The RSF] told me, ‘We don’t care if you die’.”
Another man who was held at Mina al-Bari described being deprived of food and water: “My body was [drying out] completely, other people as well as myself lost consciousness. [The RSF] thought we had died so they just threw us out of the container. After a while, they realized we were still alive. They tortured us again and took us [back] inside the container.”
Amnesty International also documented widespread RSF recruitment and use of boys, either from aligned Arab ethnic groups or abducted from non-Arab groups during attacks on villages and displacement camps. They performed different roles for the group, including fighting, gathering intelligence, and herding livestock.
Rashid- was abducted by the RSF from his village around July 2024, aged approximately 17. For nearly nine months, he was kept in a rural area and forced to herd goats. He was guarded by three armed boys, themselves RSF recruits, who subjected him and other detainees to humiliation and beatings, and deprived him of food and water. He said: “They would watch me, and if I tried to rest, they would open fire on me… They beat me all over my body.”
Commanders identified
Amnesty International identified RSF commanders responsible for serious violations of international law.
RSF members filmed and publicly shared videos of mass executions. Amnesty International collected and verified 19 videos documenting one large massacre near the berm, about 12km north-west of El Fasher. Nine of these videos show RSF commander Al-Fateh Abdullah Idris, more widely known as ‘Abu Lulu’, executing captives who are wearing civilian clothing.
Senior RSF commanders at the Mina al-Bari detention facility included Major General Gedo Hamdan Ahmed Mohamed (‘Abu Shouk’), who directed interrogations and participated in torture, and Lieutenant Colonel Abbas Khater Bakhit, who was seen ordering the torture of prisoners and facilitating payments.
These violations happened repeatedly and on a large scale, suggesting that those in positions of authority knew, or should have known, what was occurring, and failed to stop it or hold anyone accountable.
Recommendations
“The international community must move beyond statements of concern and take concrete steps to protect civilians, breaking the cycle of impunity,” said Agnès Callamard.
“Sudan has been reeling from the impact of humanitarian funding cuts, which deepened an already catastrophic human rights crisis for communities that have lost everything. All of Sudan’s international partners must ensure that adequate aid reaches refugees and displaced persons, including child-focused services, to help quell the crisis.
“It also requires strengthening accountability by ensuring sufficient support for all existing accountability mechanisms for Sudan, including the International Criminal Court, and UN and African Union-backed fact-finding missions. Commanders identified in this report should be investigated and, where there is sufficient admissible evidence, prosecuted.”
All countries must immediately stop providing arms and ammunition to all parties of the Sudan conflict. In particular, all countries must stop providing the UAE – the RSF’s chief backer – with any arms until it can be brought into compliance with the UN embargo. The UN Security Council must also expand the existing arms embargo on Darfur to the rest of the country.

Economy Analysis – KOF Economist Survey: broad support for climate policy instruments

Source: KOF Economic Institute

Economists conducting research in Switzerland are strongly in favour of consistent carbon pricing in Switzerland and the more rapid expansion of renewable energy in light of recent geopolitical developments. There is also support for Switzerland's participation in the European Carbon Border Adjustment Mechanism (CBAM). These are the findings of the KOF Institute's survey of 131 economists.

Recent developments in global energy markets, concerns about strategic dependencies and debates about Switzerland's role in European climate agreements have once again brought energy and climate policy into sharp focus. Against this backdrop, the KOF Institute surveyed academic economists in May and June of this year to gauge their views on energy, climate and economic policies. A total of 131 responses were received, representing a response rate of 17 per cent.

Emissions pricing is effective but not sufficient

Survey respondents were asked for their general assessment of the effectiveness of pricing instruments (such as carbon pricing). 82 per cent of respondents either strongly agreed or somewhat agreed with the statement that pricing can achieve a given reduction in greenhouse gas emissions at a lower economic cost than regulatory instruments such as standards or bans. Around 11 per cent of respondents strongly or somewhat disagreed with this statement. At the same time, 64 per cent of respondents stated that carbon pricing alone is (somewhat) unlikely to be sufficient as a tool to achieve Switzerland's emission reduction targets. By contrast, 29 per cent consider such market-based price signals to be (somewhat) sufficient.

Carbon pricing for more sectors

Switzerland currently uses two instruments to regulate carbon prices: a tax of CHF 120 per tonne of CO₂ on fossil heating fuels and a mandatory emissions trading scheme (ETS) for heavy industry and aviation. The Swiss ETS covers around one-eighth of national emissions and is fully linked to the European Union (EU) ETS. This means that emissions permits from the EU and Swiss ETS are mutually recognised and freely tradable, resulting in a single, integrated carbon market and virtually identical prices.

Against this backdrop, respondents were asked whether Switzerland should unilaterally raise carbon prices or extend their scope across sectors. Whilst a majority of 50 per cent of respondents were somewhat or strongly in favour of the sectoral expansion of carbon pricing, 31 per cent were somewhat or strongly in favour of a higher price level. Twenty per cent and 47 per cent respectively opposed extending its scope and raising prices.

Three in four respondents in favour of swifter expansion of renewable energy
Recent geopolitical tensions are having an impact on the availability and prices of fossil fuels in Europe. Survey respondents were therefore asked whether the expansion of renewable energy in Switzerland should be accelerated. Around three in four respondents (somewhat) agree with this statement, with 38 per cent even strongly agreeing. Just under 10 per cent see no additional need for the expansion of renewable energy, whilst 15 per cent were undecided or did not express an opinion.

Support for a carbon border adjustment mechanism linked to the EU

The EU has been implementing its Carbon Border Adjustment Mechanism (CBAM) on a mandatory basis since the start of 2026. This mechanism levies a carbon tax on emissions-intensive goods imported from outside the EU. Survey respondents were therefore asked whether Switzerland should also introduce such a mechanism – and, if so, to what extent it should be modelled on the European system. 67 per cent were in favour of a Swiss carbon border adjustment mechanism, 17 per cent were against it, and 13 per cent were undecided. Assuming that this mechanism were to be introduced in Switzerland, 43 per cent believe it should be fully aligned with the European framework, while a further 37 per cent believe it should be largely aligned with it. Six per cent and five per cent of respondents respectively believe that a Swiss mechanism should be either only loosely aligned with the European system or not aligned with it at all.

Mixed views on green growth

The latest edition of KOF Economists' survey gave respondents the opportunity to express their views on green growth in an open-ended format. Green growth aims to decouple economic output from environmental pollution and degradation, thereby making economic growth and environmental protection compatible.

Eighty economists gave their assessment of this topic, revealing a mixed picture. Thirteen respondents consider green growth in Switzerland to be fundamentally unrealistic or undesirable. The remaining respondents see potential here but identify various constraining factors. Some respondents perceive a lack of political and social will to implement green growth. Others are of the view that green growth is only possible in certain sectors or with substantial investment. The time horizon also plays a major role: many respondents consider the decoupling of economic output and greenhouse gas emissions to be unrealistic in the short to medium term. Finally, some respondents highlight Switzerland's special role as an open, service-based economy. To achieve green growth, they argue, consumption – including imported emissions – must be taken into account.

Demographics of survey respondents

Survey respondents were also asked about their age, gender and political leanings. Of those surveyed, 7 per cent are under 36, 32 per cent are aged between 36 and 45, 21 per cent are aged between 46 and 55, and 34 per cent are over 56. 78 per cent of respondents are male and 13 per cent are female. Broken down by age group, the proportion of women is highest (20 per cent) in the 46–55 age group. The proportion of women is lowest (0 per cent) in the under-36 age group.

33 per cent of respondents described themselves as (more) left-leaning, compared with 19 per cent who described themselves as (more) right-leaning and 31 per cent who regarded themselves as centrists politically. The remaining 17 per cent did not specify any preference. Statistical analysis shows that political leanings have a significant impact on response patterns for five out of the seven questions. However, the relevant majorities shift along the political spectrum only in relation to the question of whether Switzerland should unilaterally raise carbon prices. The results in all other cases are more pronounced among left-leaning respondents. Age and gender, on the other hand, have no statistically significant impact.

About the survey:

The KOF Economists' Survey addresses economic policy issues relevant to Switzerland and serves as a tool for bringing the views of academic economists to the public's attention. KOF conducted a survey of energy and climate policy in Switzerland in May and June. The survey began on 26 May this year and ended on 12 June. 791 economists were contacted. Responses were received from 131 economists at 20 institutions.