Harry McDonald

Canals in Great Britain and Ireland cool city neighbourhoods up to 50 metres from their banks, particularly during heatwaves. That’s the key finding of our new research which modelled the impact of canals on urban temperatures – quantifying their importance for the millions of people who live and work nearby. While canals are found widely throughout UK and Irish cities, reflecting the legacy of the Industrial Revolution, their role in combating urban heating had been largely unknown.

Our theme heading into 2026 was riding the wave, and halfway through the year, that wave is still rolling. The S&P 500 returned 10.2% in the first half, and what matters most is that those gains came from fundamentals. Record earnings, expanding margins, and a still-accelerating AI investment boom did the heavy lifting. The ride has not been smooth. Growth has slowed, inflation has climbed, the war with Iran added an energy shock, and bonds struggled.