Look Forward

In this episode of the Look Forward Podcast from S&P Global, host Aries Poon speaks with Natznet Tesfay, Global Head of Analysis at S&P Global Market Intelligence, about how technology is becoming the decisive game changer in geopolitics as we approach 2026. They explore why geopolitics has shifted from sporadic shocks to a constant operating condition, and how traditional stabilizers like frictionless trade, predictable regulation, and cheap capital are becoming "unmoored." Natznet explains S&P Global's concept of the "age of agility" and why policy itself is now a major source of market volatility, requiring leaders to track it as closely as macro data.

AI is everywhere in the headlines—but what does it actually mean for jobs? In this episode of the Look Forward Podcast from S&P Global, host Aries Poon is joined by Sophie Malin (Principal Economist, Global Labor Markets) and Pollyanna De Lima (Economics Associate Director, Purchasing Managers' Index/PMI) to separate hype from real-world labor market signals.  The conversation starts with a crucial distinction: AI development (chips, data centers, capital-intensive buildouts) versus AI deployment (using AI inside everyday business processes)—and why deployment is what truly rewires hiring, productivity, and work design. Drawing on PMI special survey insights, Pollyanna breaks down where adoption is spreading fastest (with Northern Europe leading), which sectors are moving first (notably financial services and professional/business services), and how adoption differs across services vs. manufacturing. The guests also dig into what companies are optimizing for today—efficiency and customer outcomes over headcount cuts—and why the near-term impact may look more like slower hiring and shifting job tasks.  Looking ahead, Sophie and Pollyanna outline the biggest unknowns: how quickly AI capability improves, what happens to entry-level and graduate pipelines, whether productivity gains translate into hiring freezes, and how governments might respond if employment and tax bases come under pressure. They also point to key indicators to watch, including the PMI Employment Index and business outlook/hiring intentions measures, to track how labor demand evolves in real time.

The exponential expansion of global AI investment looks set to continue at scale in 2026, with hyperscalers on track to spend $625 billion in aggregate data center capex by year-end. The boom is also lifting players that supply the ecosystem, with near-term demandoutstripping the supply of new data center capacity and corresponding investments materially boosting growth in the broader U.S. economy. Whether AI adoption and monetization will accelerate enough to turn this early investment‑led economic boost into lasting productivity and financial returns is yet to be seen.   But as funding for this expansion shifts from equity markets to debt markets (fueled largely by private credit), some risks have elevated—as a result, in part, from the surge of investments that increasingly rely on debt and the rise of increasingly complex and circular financing structures.   In this episode of the Look Forward Podcast, co-host Molly Mintz explores the credit risks of data center development with Pierre Georges, Managing Director and Head of Infrastructure Research at S&P Global Ratings.   Their conversation explores the 2026 digital infrastructure outlook; analyzes the execution, financial, and contractual risks of the AI-driven data center buildout from a credit perspective; and highlights the development dynamics of power and grid bottlenecks, supply -chain constraints, and tensions between growth, affordability, and decarbonization. We also discuss S&P Global Ratings' view on what could lead to the emergence of winners and losers across the ecosystem, and the leading indicators to watch for an AI investment slowdown—including changes in enterprise adoption and monetization, supply and demand dynamics across the semiconductor supply chain, performance signals from key partners, the scale of hyperscalers' capex plans, and major players' investment behavior.  For more Look Forward content, please visit the Look Forward homepage. 

In this early-2026 market check-in, host Andy Critchlow (S&P Global Energy) sits down with Jim Burkhard (Head of Crude Oil Analytics and Research) to unpack a turbulent start to the year for oil prices—driven by geopolitics and real-world supply disruptions. They examine three major forces shaping markets: uncertainty around Iran, shifting expectations for Venezuelan heavy crude exports and potential production growth, and Black Sea loading issues affecting Kazakh flows.    The conversation also digs into the "heavy crude" constraint (including the need for diluent), what it would take for international oil companies to reinvest in Venezuela, and why US onshore output is proving more resilient even in a lower-price environment. On the demand side, they explore how China's gasoline and diesel use has plateaued amid rapid EV adoption, what that means for global growth, and whether India (and potentially parts of Africa) can become the next big demand engine.   For more Look Forward content, please visit the Look Forward homepage. 

Amid geopolitical friction, economic uncertainty, and rapid technological disruption, the World Economic Forum's Annual Meeting in Davos convenes global leaders around a "spirit of dialogue." In this episode of the Look Forward Podcast, host Molly sits down with S&P Global Ratings Chief Global Economist Paul Gruenwald and S&P Global Energy Chief Strategist Atul Arya, fresh to Switzerland, to unpack what mattered most—and what it signals for 2026.   Together, they explore how AI is "moving the macro needle" through a data-center investment boom, and whether the next phase will deliver the productivity gains markets are already pricing in. They also dig into AI's less-discussed constraint: power—from turbine shortages and transmission bottlenecks to rising electricity prices and the collision between hyperscalers' speed and the power sector's slower build cycle.   The conversation covers to energy markets and geopolitics, including why recent shocks haven't yet upended oil pricing, why the debate has shifted from energy transition to energy expansion, and how LNG and trade balances are becoming increasingly intertwined. Additionally, the interview covers how Davos attendees expressed attention to the erosion of trust in the global world order and why a more fragmented approach may become the status quo.   For more Look Forward content, please visit the Look Forward homepage.   More From Paul and Atul: Look Forward Journal: Data Center Frontiers The CERAWeek Podcast with Atul Arya Subscribe to Paul Gruenwald's "Essential Economics Newsletter" on Linkedin

As 2025 draws to a close, Andy Critchlow is joined by co-hosts Molly Mintz and Aries Poon to reflect on the Look Forward Podcast's 2025 conversations. From the persistence of inflation and the evolving role of central banks, to the rise of private credit and the profound impact of AI-driven data center investment, we dive into the macroeconomic, geopolitical, and sectoral shifts transforming global markets.  Packed with expert insights, global perspectives, and forward-looking analysis, this episode is your essential guide to this past year of S&P Global's essential intelligence.   Happy Holidays from the Look Forward Council.   Episodes Featured (In Order of Appearance) Navigating Uncertainty: Insights into the Global Economy (7/31/2025) Understanding Global Tensions: Geopolitics, Trade, and the Energy Transition (8/4/2025) Powering the Future: Data Centers at the Crossroads of AI and Sustainability (11/20/2025) Building Tomorrow: The Critical Role of Cement (9/5/2025)

In this episode of the Look Forward Podcast, host Aries Poon is joined by Thea Fourie from S&P Global's Market Intelligence Division to explore three pivotal trends shaping the global payment landscape in 2026. They delve into the interoperability of domestic payment systems, the rise of BRICS alternatives to international payment frameworks, and the increasing adoption of stablecoins, particularly in emerging and frontier markets. Discover how these trends can enhance financial inclusion, facilitate cross-border payments, and address inflationary pressures. Join us for expert insights that will help you navigate the evolving financial landscape and prepare for tomorrow's opportunities.

In this episode of the Look Forward Podcast, host Molly Mintz reconnects with the audience as she dives deep into the critical role of data centers in the evolving landscape of artificial intelligence. Joined by experts Kelly Morgan and Brian Partridge from S&P Global's 451 Research and authors from our latest Look Forward Report, "Navigating the US data center power crunch: On-site solutions offer a faster path to power," the discussion explores the unprecedented demand for data center capacity fueled by generative AI and its implications for the U.S. economy. As data centers become the backbone of the digital economy, we examine the challenges they face, including energy consumption, sustainability goals, and the pressure on the power grid. Our experts share insights on the investment boom in digital infrastructure, the potential risks associated with capital intensity, and the innovative solutions being explored to meet the growing energy demands." Additionally, we look beyond U.S. borders to understand how regions like the Middle East are positioning themselves as emerging data center hubs. Tune in for a forward-looking conversation that highlights the transformative impact of data centers on global markets and the future of technology.    

In this episode of the Look Forward Podcast, our new rotating host Molly Mintz makes her debut to explore the dynamic landscape of Africa's economy with authors from out latest Look Forward Journal "Look Forward: Unlocking Africa" and S&P Global Rating's experts Roberto Sifron-Arevalo, Samira Mensah, and Elijah Oliveros Rosen. Discover how Africa's abundant natural resources and youthful demographics present unprecedented investment opportunities, while also facing challenges in infrastructure, debt sustainability, and climate change. Join us as we delve into the crucial role of credit ratings in enhancing financing strategies for sustainable development, and learn how domestic capital markets can drive economic growth. We also discuss the upcoming S&P Global Africa Summit, aimed at fostering dialogue and collaboration among stakeholders to address the continent's financial hurdles. Tune in for insights that will equip you to navigate the complexities of Africa's evolving markets and seize future opportunities!

In this episode of the Look Forward Podcast, host Andy Critchlow is joined by Lindsey Hall, Global Head of Thought Leadership at Sustainable One, and Eklavya Gupte, Head of Carbon News Reporting at S&P Global Commodity Insights. Together, they delve into the critical discussions surrounding COP 30, the "Davos of climate change." With the conference taking place in Brazil, the episode explores key themes such as carbon emissions reduction, the balance between economic development and sustainability, and the evolving role of private sector finance in climate adaptation. Tune in to gain insights on the geopolitical landscape, the significance of multilateralism, and the expectations for meaningful outcomes from this pivotal global gathering. For more from Lindsey and Eklavya, please check our their respective podcasts All Things Systainable (Lindsey Hall) Energy Evolution (Eklavya Gupte) Don't forget to subscribe on Spotify, Apple Podcasts, or YouTube for more insightful discussions from S&P Global's Look Forward Podcast!  

In this episode of the Look Forward Podcast from S&P Global, host Andy Critchlow delves into the complex landscape of decarbonizing the aviation sector. Joined by experts Roman Kramarchuk and Ina Clarita from S&P Global Commodity Insights, the discussion highlights the critical challenges of reducing carbon emissions in aviation, including the rising demand for sustainable aviation fuels (SAF) and the high costs associated with their production. Listeners will gain insights into the current state of aviation emissions, the role of various feedstocks, and the fragmented policy environment impacting SAF adoption. The episode also explores the potential of emerging technologies, the importance of global cooperation in setting cohesive policies, and the implications for airlines and consumers as the industry strives for a more sustainable future. Tune in to understand how these factors will shape the aviation sector's transition towards net-zero emissions and what it means for the future of air travel. Don't forget to subscribe on Spotify, Apple Podcasts, or YouTube for more insightful discussions from S&P Global's Look Forward Podcast!

In this episode, host Andy Critchlow, Head of News at S&P Global Commodity Insights, is joined by Paul Gruenwald, Chief Economist at S&P Global Ratings. Together, they unpack the key takeaways from the recent IMF meetings, exploring themes of economic resilience amid tariff uncertainties, the shifting dynamics of global trade, and the implications of AI on future growth.

In this insightful episode of the Look Forward Podcast, Andy Critchlow sits down with Nathan Stovall, Director of FIG Research at S&P Global Market Intelligence and host of the Street Talk Podcast, to discuss the intricate dynamics of today's economy and the lessons learned from past financial crises. They delve into the historical parallels with the 1929 crash, the implications of private lending growth, and the current state of consumer finance. As they explore the resilience of the U.S. consumer amidst volatility and the potential risks posed by shadow banking, Nathan shares his expert insights on bank balance sheets, the role of the Federal Reserve, and what the future might hold for the financial landscape. Tune in to understand how current trends may shape economic outcomes and what strategies can be employed to manage potential downturns.

In this episode of the Look Forward Podcast, host Andy Critchlow welcomes Professor Anoush Eteshami, a leading expert on Iranian affairs, to discuss the complex and evolving landscape of Iran. As the nation grapples with significant internal and external challenges, including economic turmoil and geopolitical tensions, the conversation delves into the implications of these factors on Iran's future. Professor Eteshami offers valuable insights into Iran's historical context, the impact of sanctions, and the potential for reform amidst a young population yearning for change. Join us as we explore the critical crossroads Iran faces and what it means for the broader Middle East.

In this exciting episode of the Look Forward Podcast, host Andy Critchlow welcomes S&P Global's own Srineel Jalagani, who is at the forefront of exploring the burgeoning space economy. Tune in to hear about the potential for human colonization of Mars, the role of private companies like SpaceX, and the future of the space economy, projected to soar from $650 billion to $1.8 trillion by 2035. This episode is a must-listen for anyone curious about the intersection of finance, technology, and space exploration.

In this episode of the Look Forward Podcast, host Andy Critchlow welcomes Charles Chang, the Greater China Country lead at S&P Global Ratings, to discuss the transformative trends in China's global trade and investment strategy. As Chinese firms increasingly pivot towards the Global South, with exports to these emerging markets surpassing those to the US and Western Europe, we explore the implications of this shift. Drawing insights from the recent report "China Inc. Heads to the Global South in the age of tariffs" the conversation delves into the factors driving this change, the competitive landscape of Chinese multinationals, and the evolving nature of trade relationships amid rising tariffs and geopolitical tensions. 

In this episode of the Look Forward Podcast, host Andy Critchlow is join by Stephen Smith of the American Academy of Actuaries to explore the intricate relationship between the AAA and the National Association of Insurance Commissioners (NAIC), and the modeling techniques used to assess risk in the actuarial landscape and how the industry is preparing for future challenges. For more content, please register for our upcoming webinar; "Recent NAIC Developments Relating to Insurer Fixed-Income Investments"  The NAIC held its Summer National Meeting from August 10-13, and the NAIC Risk-Based Capital Investment Risk and Evaluation (E) Working Group held an interim meeting on September 8 to discuss the RBC treatment of CLOs.  Join us for a dialogue with Larry Hamilton of Mayer Brown to discuss the latest news on CLOs and key investment-related developments from the Summer National Meeting.

In this episode of the Look Forward Podcast, host Andy Critchlow, head of news at S&P Global Commodity Insights, delves into the dynamic and resilient market of India. As the global geopolitical landscape shifts, India emerges as a pivotal player in the next chapter of global growth. Joined by an expert panel including Gauri Jauhar, Deepa Kumar, and Atul Arya from S&P Global, the discussion unpacks the forthcoming India Forward report, which offers insights into India's outlook for 2025 and beyond.

In this episode of the Look Forward Podcast, host Andy Critchlow is joined by Lindsay Hall, Global Head of Thought Leadership at S&P Global Sustainable1, and Terence Thompson, Chief Science Officer at S&P Global ESG Product. Together, they delve into the urgent challenges posed by climate change, exploring its immediate impacts on global weather systems and the financial risks associated with inaction.

In this episode of the Look Forward Podcast, host Andy Critchlow, head of news at S&P Global Commodity Insights, delves into the pivotal role of cement in shaping the global economy. Joined by industry experts Abdulhamit Akçay, Vice President of the Turkish Cement, and Binny Sabharwal, Senior Price Reporter at S&P Global, the discussion explores the intricate dynamics of cement production and consumption.