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Treasury Survey: Turbulence Becomes Business as Usual

Treasury teams are adapting to ongoing market volatility by treating uncertainty as the norm.

This article appears in the July/August issue of Global Finance Magazine.

Treasury teams now navigate sustained market volatility by treating uncertainty as a core factor in everyday
decision-making, rather than an exception. That’s among the central findings of the latest Herbert Smith Freehills Kramer Corporate Treasury Report, whose survey of finance and treasury professionals found 72% now treat volatility as “business as usual,” up from 41% in 2025.

Strikingly, this finding emerged even before the Middle East conflict threw global markets into turmoil. Follow-up interviews conducted since (between February and March 2026) reflect the impact of the early days of the crisis. Just 8% (down from 17% in 2025) reported a material negative impact from macroeconomic and geopolitical events, while 3% reported a material positive outlook (up slightly from 2% in 2025). As of May 2026, energy prices and U.S. tariff uncertainty—in particular the Supreme Court’s Learning Resources v. Trump ruling — were the chief concerns.

The survey, conducted with the Association of Corporate Treasurers, reveals that 45% of corporates are looking to diversify their debt while 55% are not—reflecting both tighter credit conditions and a search for flexibility. The report’s authors suggest the findings point to the economy being at or near a cyclical trough.

Survey respondents said they expected to increase expenditure in 2026 on debt repayment, returns to shareholders and share buybacks, and to reduce spending on acquisitions and capex — suggesting a consolidation, rather than expansion, mindset.

There was also a notable decline in respondents prioritizing cash management, to 71% in 2026 from 91% in 2025. The focus was instead on managing interest rate volatility, derivatives, supply chain and technology risks.

Stacey Pang, of counsel at HSF Kramer, told Global Finance that cash management is, and always will be, a central focus: “The data may simply show that some treasurers have successfully implemented cash management programs in the last year, and therefore have time to prioritize other projects.”

Looking ahead, Pang anticipates the “promise of AI” and its more meaningful deployment will be a key priority over the next 12 to 24 months — with the caveat that AI “cannot and should not replace the ultimate decision-making role of treasury professionals.”

Deborah Ritchie is a contributing writer based in London.

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Travel expert says three European holiday hotspots are cheaper than usual this summer

Three European destinations, with golden sand beaches and vibrant cities, have seen a significant price drop this summer – and it could be the best time to book

A holiday expert has revealed three European destinations that are better value this summer, helping travellers make the most of their money.

We’re always hunting for a good deal when it comes to booking a getaway, whether that means grabbing cut-price flights, reduced hotel rooms or departing from an alternative airport. Picking the right destination also plays a significant role in determining how much your trip will ultimately set you back, with some holidays notoriously pricey.

Despite the usual surge in travel demand during the summer holidays, three European destinations have actually seen prices drop. And it could be the perfect moment to book, as travel expert and Head of Aviation at loveholidays, Gavin Brewer, said: “There isn’t a blanket trend of rising holiday costs across the board, and there are still bargains to be found.”

While he pointed out that the United States had experienced the largest price reduction, with seven-night packages over the summer dropping by £117 per person on average since the conflict in the Middle East erupted, Bulgaria, Montenegro, and Turkey have followed a similar suit. Gavin disclosed that all three European hotspots have seen significant price cuts on seven-night packages throughout the summer.

Bulgaria

Bulgaria, boasting stunning golden beaches along the Black Sea and breathtaking mountain scenery, has seen prices fall by an average of £60 per person. The country offers an abundance of gorgeous beaches perfect for soaking up the sun, and is widely regarded as a brilliantly budget-friendly destination, with a local beer setting you back just around €2.32 (£2), reports Wales Online.

Among the most popular spots to explore is the capital, Sofia, home to the iconic golden-domed Alexander Nevsky Cathedral and the vibrant pedestrian thoroughfare, Vitosha Boulevard. Then there’s the ancient city of Plovdiv, which boasts a history stretching back more than 8,000 years – a former ‘European Capital of Culture’ that’s rich in heritage and ideal for exploring on foot.

Montenegro

Meanwhile, the travel expert also discovered that Montenegro, celebrated as a ‘Balkan gem’ where dramatic mountain landscapes meet the coastline, has seen prices tumble by around £53pp. The European nation is frequently likened to Croatia, but without the tourist hordes, thanks to its unspoilt national parks and relaxed coastal towns nestled along the Adriatic Sea.

Highlights include the renowned Bay of Kotor, often described as ‘Europe’s southernmost fjord’, flanked by towering cliffs, vivid azure waters and beautifully preserved medieval towns such as Kotor and Herceg Novi, which proudly holds UNESCO World Heritage status. Another must-see is Durmitor National Park, where glacier-carved terrain reveals majestic peaks, sweeping pine forests and stunningly clear glacial lakes.

Turkey

Turkey, renowned for its breathtaking architecture, rich culture and vibrant bazaars, has also seen prices slashed by around £35pp. Straddling the border between Europe and Asia, it boasts a thriving culinary scene and wonderfully diverse landscapes bursting with character, alongside striking architecture that pays homage to its iconic heritage.

Istanbul ranks among the most sought-after destinations in Turkey, with its ancient quarter, Sultanahmet, teeming with world-famous landmarks, including Hagia Sophia, the Blue Mosque, and Topkapi Palace. Then there are the magical landscapes of Cappadocia, celebrated for its extraordinary rock formations and skies that fill with vivid hot air balloons beneath the warm glow of an orange sunrise.

Alongside his budget-friendly European suggestions, Gavin added: “There are still plenty of affordable getaways available this summer. If price is your main priority, a great way to find the best deal is to search our platform for holidays based on your budget alone.”

Do you have a travel story to share? Email webtravel@reachplc.com

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