As equity markets continue to rise on exceptionally strong earnings, the risks beneath the surface are building. Chief Strategist Klas Eklund explores the outlook amid rising public debt, interest-rate uncertainty, a wave of major IPOs and renewed competition from bonds.

He also examines the defining economic question of the AI era: how its gains will be distributed and the implications for inequality, taxation and financial stability. Closer to home, Klas considers Sweden’s recovery, the return of inflation and the prospect of further Riksbank rate hikes.