Market Maker

France is facing mounting pressure. Government debt has climbed above €3.5 trillion, borrowing costs are surging, and political uncertainty ahead of the 2027 presidential election is making investors increasingly nervous.

In this episode, Anthony Cheung and Piers Curran break down why French bond yields are rising, how decades of persistent budget deficits have created a growing debt problem, and why some major French companies can now borrow more cheaply than their own government.

We look at Marine Le Pen’s economic plans, France’s huge pension burden, the risk of capital leaving French markets and what could happen if bond yields continue to climb. Could the ECB eventually be forced to intervene, and would that bring the kind of painful fiscal reforms seen during the Eurozone debt crisis?

Finally, we ask whether France could be heading towards its own “Liz Truss moment” and what a French debt crisis could mean for the euro, European markets and the wider global economy.

00:00 Is France About to Fail?
01:09 France’s Bond Market Warning
07:07 The Debt Problem Explained
12:06 France’s €85bn Interest Bill
15:56 Why Italy Is Doing Better
22:10 Protests & Political Pressure
29:25 Will the ECB Bail Out France?
36:55 Lessons From Greece
40:47 Could France Default?
44:28 The Trade on France
47:03 What Happens Next?

Could UBS really leave Switzerland? In this episode, Anthony Cheung and Stephen Barnett break down the growing dispute between Switzerland’s biggest bank and the government over new capital requirements and why tougher regulation could have major consequences for UBS and its shareholders.

We explain how banks actually work, why Common Equity Tier 1 (CET1) capital matters, what changed after the collapse of Credit Suisse and why forcing banks to hold more capital can make them safer but potentially less competitive.

We also look at the battle between traditional banks and fintech challengers, as Monzo considers its next move following takeover interest from Nubank. With Revolut racing ahead and Monzo looking for fresh capital, we explore why some challenger banks have succeeded while others have struggled to scale and what could happen next.

00:00 The Ultimate Banking Mistake
04:10 How Banks Really Work
06:41 What Is CET1?
12:44 Why Banks Are Too Big to Fail
20:18 UBS vs Switzerland
27:54 Why UBS Is Fighting Back
32:23 How UBS Compares
38:35 What’s Happening at Monzo?
46:51 How Challenger Banks Work
49:05 Revolut vs Monzo
52:30 What Happens Next?

What does it actually take to build a successful career in financial markets?

In this episode, Anthony Cheung sits down with Jamie Philip, who began his career trading at a hedge fund before spending nearly 19 years at J.P. Morgan, ultimately becoming Managing Director and Head of EMEA Futures and Options Execution Sales.

Jamie shares what senior bankers really look for when hiring graduates, why being teachable can matter more than appearing impressive, and the mistakes young professionals often make once they land their first job in finance.

We also discuss the importance of consistency, trust and reputation, why comparing yourself to others can derail your career, and the lessons Jamie learned from nearly two decades inside one of the world’s biggest investment banks.

For anyone trying to break into investment banking, sales and trading or financial markets, this is an inside look at what it takes not just to get the job, but to build a career that lasts.

00:00 Breaking Into Finance
02:58 Buy Side to Sell Side
10:13 A Non-Linear Path
17:18 What MDs Look for in Graduates
20:24 How to Stand Out
22:28 Why Consistency Matters
27:11 Handling Mistakes Under Pressure
29:43 The Early Career Trap
32:46 Money, Success & Perspective
37:08 Finding Work-Life Balance
43:49 Jamie’s Advice for Graduates

In this episode, Anthony Cheung and Stephen Barnett explore how geopolitics and soaring energy prices are reshaping some of the biggest deals in global markets.

We look at Nigeria’s $1.6 billion Dangote Petroleum IPO and its ambition to build the world’s largest oil refinery, before unpacking Carlyle’s attempt to acquire Lukoil’s $20 billion portfolio of international assets amid Russian sanctions.

We also break down why Trafigura is launching a new supertanker business as spot shipping rates surge towards $1 million a day, and how disruption in the Strait of Hormuz is transforming the economics of moving oil around the world.

Finally, we examine KKR’s acquisition of DCC Energy and explain why private equity sees an opportunity in one of Europe’s biggest energy distributors.

00:00 The Global Energy Shake-Up
02:08 Nigeria’s $1.6BN IPO
04:17 Inside the Dangote Refinery
07:10 How Do You Value African Companies?
12:12 Nigeria’s Energy Revolution
17:45 Lukoil’s $20BN Sale
24:29 Inside Trafigura
28:56 The Supertanker IPO
31:53 Why Shipping Rates Are Surging
37:24 KKR’s Acquisition of DCC Energy
40:23 How Private Equity Creates Value
43:04 The Deal Gets Approved

UK government borrowing is surging, bond yields remain elevated and the cost of servicing Britain’s debt is becoming increasingly difficult to ignore. But how serious is the problem and what happens if borrowing costs stay high?

In this episode, Anthony Cheung and Piers Curran break down why Britain’s public finances are under pressure, how the bond market can constrain government spending and why the Bank of England’s decision to step back from quantitative tightening could matter for UK borrowing costs.

We also explore whether governments can simply keep accumulating debt, why the US and Japan have managed even larger debt burdens, and whether AI-driven productivity growth could eventually offer Britain a way out.

Finally, we look at the bigger question facing developed economies: if debt keeps rising, what could actually cause the music to stop?

00:00 Britain’s Debt Problem
02:22 Why Debt Is Getting Expensive
08:56 The Global Debt Problem
10:49 Britain’s Borrowing Surge
11:50 Why UK Inflation Is Different
15:44 Is Britain’s Economy Stalling?
17:53 Why Bond Yields Matter
21:20 Quantitative Tightening Explained
27:32 Could QE Return?
30:29 Can AI Save the UK Economy?
36:00 Can Britain Keep Borrowing?
40:12 Is the West Losing Power?