Global Research Unlocked
Listen and subscribe to Global Research Unlocked. A podcast from BofA Global Research. Nuanced insights that can help you chart the right path. Our industry-leading analysts discuss what’s emerging – from risks and opportunities to growth themes like AI and energy transition.
Episodes

16 hours ago
16 hours ago
Dubai is embracing tech, should investors embrace AI?
Our Global Investment Summit in Dubai offered attendees some perspective on what Dubai and the UAE are doing to advance AI. Panels also offered a look at how the technology is being used beyond the borders of the UAE and threats it brings. Sonali Thiesen, Global Head of FICC e-Trading and Markets Strategic Investments and Haim Israel were panelists at the Summit. Haim discusses the critical role that cybersecurity will play as AI evolves. He shares feedback and key ideas from his "World in 2030" note and addresses recent weakness in AI equities. Sonali discusses the continued shift to electronification in the fixed income markets, how machine learning continues to play a growing role in those markets and how Gen AI and blockchain have the potential to generate additional efficiencies.
You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.
©2025 Bank of America Corporation. All rights reserved.

Thursday Mar 20, 2025
Global Takes from the Investor Summit in Dubai
Thursday Mar 20, 2025
Thursday Mar 20, 2025
An interesting time to explore other shores
We recently hosted a two-day Global Investor Summit in Dubai. Panels as well as formal and informal discussions touched on everything from the investment merits of Dubai and the Gulf Cooperation Council (GCC) to US policy to evolving views on non-US markets. Michael Hartnett discusses his latest views on international markets and how investors are reacting to uninspired price action from US stocks. With so many investors coming in to 2025 with a US exceptionalism portfolio, US policy risk has them reassessing regional positioning. But risks for non-US markets aren't absent either and Michael discusses his preference for international even amidst tariff risks.
You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.
©2025 Bank of America Corporation. All rights reserved.

Wednesday Mar 19, 2025
Improving small biz could be good news for software but bugs lurk
Wednesday Mar 19, 2025
Wednesday Mar 19, 2025
Improved SMB macro positive for software but risks exist
Small businesses have faced challenges, from higher costs to difficult hiring to higher rates and mixed demand. The Bank of America Institute examines the bank's proprietary data to better understand the US economy. Based on data through February, the Institute found that for the first time in three years, deposit growth among small clients surpassed balance growth, a sign of improved profitability. Taylor Bowley from the Institute discusses what's driving that improvement but cautions that tariffs and other risks are important to watch. Brad Sills discusses how small business makes up the majority of revenues for several software companies, so the health of these businesses is critical. Sluggishness in small business profitability over the last several years means that improvements, should they persist, could boost growth for these companies. Brad also discusses why software companies catering to small businesses have certain advantages that companies with larger customers do not.
You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.
©2025 Bank of America Corporation. All rights reserved.

Wednesday Mar 12, 2025
Alternatives to US markets EMerge strong out of the ’25 gate
Wednesday Mar 12, 2025
Wednesday Mar 12, 2025
Tariff fears, years of US optimism create opening for EM
David Hauner has been bullish on emerging markets since the US Presidential inauguration, and that view has gotten more attention with performance of markets so far this year. Investors have been seeking out markets outside of the US and recent US policy uncertainty is one of the many factors causing this shift. David points to improvements in China and Europe, the inability for the dollar to rally further, off-sides positioning in EM, especially relative to the US, and still some positive catalysts ahead. He discusses markets where he still sees risks from tariffs as well as those where he believes investors may benefit from having exposure today. Hear why David believes that for EM in 2025, "things are really looking up".
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.
©2025 Bank of America Corporation. All rights reserved.

Thursday Feb 27, 2025
A Ukraine ceasefire would lead to a pipeline of commodity opportunities
Thursday Feb 27, 2025
Thursday Feb 27, 2025
Reconstruction should boost demand for certain metals
An end to the Russia-Ukraine conflict would have an impact beyond the most important, which is ending the bloodshed. Russian natural gas could start to flow through Ukraine and into Europe once again, pushing Europe gas prices significantly lower, positively impacting European industry and dampening inflation. Oil supplies would be impacted as well and Francisco Blanch discusses how OPEC might react to in case Russia increases oil flows to the West. The supply of certain mined commodities, especially uranium and graphite, could rise as the US looks to secure access to these critical metals. And then there's the demand for metals that could come from the rebuilding of Ukraine. It's estimated 10% of Ukraine housing and 75% of electrical transmission capacity are casualties of the war. Michael Widmer discusses how demand growth for copper should see a significant uplift from Ukraine reconstruction.
You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.
©2025 Bank of America Corporation. All rights reserved.

Thursday Feb 13, 2025
Investors so enamored with the US may want to find another Valentine
Thursday Feb 13, 2025
Thursday Feb 13, 2025
Yes, there is a compelling case for stocks outside the US
Investors have record exposure to US stocks according to the latest Global Fund Manager Survey. The US dollar, in real effective terms, is at all-time highs by some measures. Several of our strategists believe international equities can begin to outperform and that the US dollar could peak. US policy could help, and the Global Investment Strategy team expects a softening of America First policy and reigned-in US inflation to be supportive of some non-US markets. We discuss which international markets and currencies look most compelling and the good news we expect out of regions where positives have been scarce. Plus, we address why another contrarian trade, owning longer duration bonds, could also perform well.
You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.
©2025 Bank of America Corporation. All rights reserved.

Wednesday Jan 22, 2025
US growth to remain strong in 2025, other economies can positively surprise too
Wednesday Jan 22, 2025
Wednesday Jan 22, 2025
Productivity consistent with higher for longer rates
The Global Economics Team is optimistic on US growth in 2025 and Aditya Bhave discusses the cyclical and structural forces supporting this outlook. The US disinflation story has stalled for now and the team expects inflation to end in 2025 at around the same levels where it finished 2024. That view incorporates some impact from new tariffs but we discuss why the tariff impact on personal consumption expenditure inflation (PCE) should be just a few tenths of a percent over time. Productivity improvements in the US are one of the reasons for the sanguine view and the team discusses why productivity is mostly a US story and why improved efficiency is also consistent with higher for longer interest rates. But while the US should continue to standout, especially among developed markets, there are a number of compelling economic growth stories, ranging from Japan to India to Mexico and Argentina, provided the latter two manage some of the current challenges properly.
You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.
©2025 Bank of America Corporation. All rights reserved.

Thursday Dec 19, 2024
The sun hasn’t set on renewables
Thursday Dec 19, 2024
Thursday Dec 19, 2024
Federal subsidies not the only factor enabling solar
There is investor concern that federal subsidies for some renewable energy programs, from residential solar to utility wind, will shrink under the Trump administration. And those concerns have some validity, but according to Dimple Gosai, even with a possible decline in federal help, there are a number of positives that should persist for parts of the clean energy industry. Among the positives are state and local subsidies as well as system costs that continue to come down. Especially if power prices rise, the economics of renewables should look better, and in many cases, unsubsidized utility scale solar is already competitive with natural gas. Tariffs could increase system costs but benefit certain domestic producers. Dimple discusses why she continues to expect growth for certain renewables, the importance of storage in enabling this growth, and why geothermal may be underestimated as an energy solution.
"Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.
©2024 Bank of America Corporation. All rights reserved.