This report is the second in our series on decarbonising the built environment. While our first report focused on building materials, this report tackles two of the sector’s most critical and emissions-intensive inputs: cement and steel. Together, these materials account for approximately 16% of global CO2 emissions and sit at the heart of modern construction. They are also difficult to decarbonise as their respective production processes are heat intensive, assets are long lived and margins are typically thin. Regulation, customers and capital are increasingly pushing for lower-carbon materials and new technologies are emerging, including clinker substitution and carbon capture in cement, and greater scrap use, electrification and hydrogen-based routes in steel. The investment cycle will mean that the transition takes time, but materials producers will need to adapt.

Stock picking in a broadening market – a conversation with Randy Baron of Pinnacle Associates

Immuno-oncology (IO) has transformed cancer treatment, shifting the paradigm from cytotoxic and targeted therapies to immune-driven disease control (harnessing the body’s own immune system). Immune checkpoint inhibitors (ICIs), CAR-T cell therapies and cancer vaccines have produced durable responses in defined patient populations; however, the first wave of IO is approaching clinical and commercial saturation. ICI response rates remain limited to c 20–40% in solid tumours, while CAR-T therapies, despite curative potential in haematological malignancies, are restricted by high cost, complex manufacturing, immune-related toxicities and lower efficacy in solid tumours. Earlier cancer vaccines also failed to show consistent benefit. These constraints are driving next-generation approaches, focused on platforms that actively programme immune responses, rather than simply releasing inhibitory checkpoints. This report examines key innovation vectors shaping the next phase for this sector.

Stable growth with inflation risks easing but continued geopolitical uncertainty. The move away from narrow leadership in US is expected to continue in 2026.

By Michael Kokalari CFA, chief economist, and Thai Thi Viet Trinh, senior economist.

Murray International Trust aims to achieve an above-average dividend yield with long-term growth in dividends and capital ahead of inflation, by investing principally in global equities. Its performance is referenced against the MSCI ACWI High Dividend Yield Index.

There are four things investors need to know about Murray International Trust.

1. Murray International is a well-established trust with a history of income growth.
2. Murray International is a popular trust with a large number of retail shareholders.
3. Bottom-up stock selection, drawing on the expertise of Aberdeen’s regional teams.
4. The trust’s board employs a progressive dividend strategy.

For more information about Murray International please visit the trust’s website and see our latest research.

In our interview with Nicholas Cadbury, the CFO of International Airlines Group (IAG), we focus on the company’s multi-brand strategy, market opportunity and why its profitability is sustainable and resilient, how the balance sheet will be deployed and drivers of profitability, and the operational and digital transformation initiatives that are helping to improve profitability as well as Nicholas’s confidence in IAG’s revenue trajectory.

In this video, Jamie Hossain, International Public Partnerships’s (INPP’s) lead portfolio manager, discusses the Sizewell C nuclear power station project, which, according to Amber Infrastructure, will deliver an additional source of reliable, low-carbon electricity for the UK and will be the first nuclear power project globally to be financed under the Regulated Asset Base model. Once operational, Sizewell C will provide around 3.2GW of reliable baseload power, which is enough to supply approximately six million homes or around 7% of the UK’s forecast electricity demand for decades to come.