How a closed-ended private equity fund works for its investors: why you commit money rather than pay it in, how capital calls and distributions work, why returns follow a J-curve, and how to read IRR, TVPI and DPI, fees and carried interest.
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What happens between pressing "buy" and owning a security: order types, the bid–ask spread, where orders are executed and what they cost, what your broker owes you under EU best-execution rules, and why leveraged products work differently.
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European shares set records in August and gave them back in September as bond yields jumped and oil prices surged. Europe lagged the United States, French assets were the weak spot and defence stocks rose. The quarter in figures, from the index providers and central banks.
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The four fund labels a European investor meets most often, compared side by side: who may invest, how often you can sell, who supervises the product and the manager, and which documents you receive before you invest.
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European defence spending rose by a fifth in 2025 and NATO expects it to rise again in 2026. EU loans are arriving more slowly than planned, cooperation targets are far from met and industry points to shortages of explosives, materials and skilled staff. What has been decided, paid and built, by source.
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Inflation rose to 3.8% in September on an 18.8% jump in energy prices, the ECB raised rates twice in three months, business surveys strengthened and Germany's budget is turning defence and infrastructure plans into spending. What the official data show, and how the ECB itself sees the risks.
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