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Restricted - External Equity Product Management GroupTerence Malone*+ 1 212 526 7578terence.malone@barclays.comBCI, USRob Bate*+44 (0)20 7773 3576rob.bate@barclays.comBarclays, UKFICC Product Management GroupBen McLannahan*+44 (0)20 3134 9586ben.mclannahan@barclays.comBarclays, UKJennifer Cardilli*+1 212 526 8351jennifer.cardilli@barclays.comBCI, US recentlyreaffirmedtheir climate goals, including three updating their emission contributionsto the UN and four approving long-term green energy plans. Notably, China and Thailandhave recently debuted their first sovereign green bond and sustainability-linked bond,respectively. Across the broader market, mentions of "climate change" in company filings areup by 32% YTD, the highest count in the past three years. Relating to capital markets, Asia hasstood out so far in 2025, with 6% y/y growth in ESG-labeled bond issuance in DM hardcurrency, driven by China and Australia. Looking ahead, we expect 2025-26 to be anotherprogressive period for Asia's sustainability-related rules and regulations. We expect thesenew developments to enhance climate commitment, drive greater corporate accountability,and stimulate sustainable investment.Chart of the Week: Breadth and depth of EPS surprise in 1Q25 was better than LT averageData as of 16 May 2025Source: LSEG Data & Analytics, Bloomberg, Barclays Research (see, U.S. Equity Insights: 1Q25 Earnings Learnings: Strongstart to a weak year?, 22 May 2025)2 EventsConference Calls & WebcastsTimePlease click on the links to view details of forthcoming conference calls and webcasts27 May27 May27 May27 May27 May28 May28 May28 May28 May28 May28 May28 May28 May28 May29 May29 May29 May29 May30 May30 May30 May30 May30 May2 June2 June2 June2 June2 June2 June3 June3 June3 June3 June4 June4 June5 June5 June5 June5 June5 June6 June6 June6 June25 May 2025 Best of BarclaysFX Views:Bond rout – dollar down and its limitsThemistoklis Fiotakis Barclays, UK |LefterisFarmakis Barclays, UK | Anastasiia ErgunovaBarclays, UKExcerpted from FX Views: Bond rout – dollar down and its limits, published on May 21, 2025The steepening at the long end of the US curve has proxied dollar weakness accurately.The current fresh bout of steepening, linked to both US risk premia and also global driverscould lead EUR/$ to our new 1.15 forecasts but its influence on the Greenback is unlikely tobe boundless.Curve steepening linked to dollar weakness. Historically, a steeper US curve has coincidedwith a weaker dollar. In the past, this link mainly worked through expectations of Fed easing.The recent link may further reflect risk premia on US policies. Notably, this has not been just theUS. Global factors (Japan, Dutch pension reform etc.) have also contributed to this trend.Markets will likely remain nervous for now. Regardless of the precise underlying dynamics,bond market volatility is creating an unfavourable market environment for the dollar.Shiftsinrhetoric, trade policy mishaps or datasofteningcould all lead EUR/$ higher towards 1.15 in thiscontext.Yet, we don't see the dollar weakening sustainably beyond our forecasts. In fact, we worrythat medium term, EUR/$ 1.15 may be too high to be a sustainable equilibrium. Below, we takestock of the stronger-than-anticipated US data developments, the retracement ofeffectivetariffsto January levels, the stronger-than-feared fiscal impulse, the medium-term impact oftrade front-loading, the progress made on hedge ratios and the stretched bearish USDsentiment. FICC RESEARCHFX Strategy25 May 2025 5 European EnergyWhat if... a multi-year bull run is on its way?Lydia Rainforth, CFA Barclays, UK | Matthew Cooper Barclays, UK | Naisheng Cui, CFA Barclays,UK | Thea Lacroix Barclays, UK | Ramachandra Kamath Barclays, UK | Mick Pickup Barclays, UKExcerpted from European Energy: What if... a multi-year bull run is on its way?, published on May22, 2025It has been years in the making, but we see the scene as set for a material up-cycle in oilprices, as non-OPEC supply growth slows significantly and continued strength in demandreduces OPEC+ spare capacity rapidly. We think investors should use the next 12 monthsto build positions in key names.•The wave of negative sentiment surrounding the oil market is, we think, misguided and shortterm in focus.•Oil demand is continuing to surprise to the upside and, with refining margins at 18-monthhighs, we see this as indicative of underlying fundamental strength.•"Missing Barrels" aren't missing in balances – it is really stronger demand to the tune ofc1mb/d with data quality lagging.•Above-ground oil inventories remain at relatively low levels.•Non-OPEC supply growth is falling sharply – and becomes nearly non-existent in 2028-2030.•OPEC+ spare capacity is now starting to fall, reducing below-ground inventory – the first timein a decade – and by 2027 the oil market risks facing limited levels of easily accessible sparecapacity.•It is becoming cheaper to add volumesoffshorein the Middle East than in