Fund performance

■ Columbia Pyrford International Stock Fund Institutional Class shares returned 2.31% for the quarter.

■ The fund’s benchmark, the MSCI EAFE Index-Net, returned -1.24% for the same period.

Market overview

The global economy

Italian fashion house Prada and Axiom Space have unveiled a jointly developed next-generation lunar spacesuit layer scheduled to be worn during NASA’s upcoming Artemis IV moon landing mission, currently targeted for early 2028. 

The Houston-based space infrastructure developer announced Sunday that the liquid cooling and ventilation garment (LCVG) will act as an inner layer of the spacesuit and will protect astronauts “when they explore the lunar surface for the first time in more than 50 years.”

The partnership marks the first time a luxury fashion brand has been directly involved in spacesuit development. 

“The future of space exploration will not be built by any one entity alone, and our partnership with Prada is proof of that,” Axiom Space CEO Dr. Jonathan Cirtain said. 

PRADA PARTNERS TO MAKE SPACESUITS FOR NASA’S ARTEMIS III LUNAR MISSION

The inner-layer liquid cooling and ventilation garment designed by Prada and Axiom Space is unveiled at a press event in New York City, U.S., June 7, 2026.  (Heather Khalifa/Reuters / Reuters)

Prada reportedly contributed its expertise in advanced 3D modeling, high-tech knitting and specialized fabrics to help design the garment. 

“By bringing together the best in both aerospace engineering as well as luxury craftmanship and advanced product development, we have developed a garment that neither company could have created independently, and that is exactly the kind of cross-industry thinking that will define the next era of human spaceflight,” Cirtain added. 

Axiom said the garment is designed to be thermally regulating and comfortable enough to support spacewalks lasting up to eight hours, while also withstanding the harsh conditions of the lunar South Pole. 

“It manages their thermal environment, supports their breathing, and does it all while they’re pushing their bodies to the limit,” Axiom Space Senior Vice President of Spacecraft Development Russell Ralston said. “The work we have done with Prada has taken that capability to a level we could not have achieved alone.” 

NASA ANNOUNCES THREE NEW MOON MISSIONS AS AGENCY RACES TO BUILD PERMANENT LUNAR BASE BY END OF 2026

Sonya Gavankar McKay, director of digital strategy at Axiom Space; Russell Ralston, senior vice president and general manager of extravehicular activity at Axiom Space; Jonathan Cirtain, chief executive officer and president of Axiom Space; and Loren (Gabby Jones/Bloomberg via Getty Images / Getty Images)

According to the announcement, the LCVG pumps cold water through a network of tubes positioned over major muscle groups to draw heat away from the body and release it into space. It also includes a backup cooling system in case the primary system fails. 

The garment also features a separate ventilation system that continuously circulates oxygen across the astronaut’s face, removing exhaled carbon dioxide, which is then routed into a life-support system for filtering and reuse. 

The inner layer is designed to be worn directly against the skin beneath the suit’s outer protective AxEMU shell, which the companies previously unveiled in 2024. 

A close-up view of a lunar spacesuit developed by Prada and Axiom Space for NASA’s future moon missions. (Axiom Space )

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“When we unveiled the AxEMU, we announced that the collaboration between Prada and Axiom Space would continue beyond that first milestone,” Prada Group Chief Marketing Officer and Head of Sustainability Lorenzo Bertelli said. 

“Today, we are proud to present a new achievement born from the unique combination of Axiom Space’s pioneering expertise and Prada’s know-how in design, patternmaking, and advanced materials, ahead of humanity’s return to the lunar surface,” he continued. “We look forward to continuing this collaboration with Axiom Space, pushing boundaries and exploring new frontiers together.” 

Thailand’s Baht weakens despite portfolio inflows. A record USD 10.0 billion April trade deficit, driven by strong imports, pressures the Baht. Authorities warn of continued weakness if imports remain high, even with AI export growth.

Key Points

• USD/THB fell to 32.55 despite Thailand’s record April trade deficit of USD10.0bn, driven by portfolio inflows.
• Authorities cautioned that persistent strong imports could pressure the Baht, which has already depreciated 3.2% year-to-date.
• Factors like higher oil prices and strong USD demand are contributing to the Baht’s weakness, overshadowing AI-related export growth.

Record Trade Deficit Impacts Baht

Commerzbank’s FX analysts note that the USD/THB exchange rate experienced a decline to 32.55, primarily attributed to portfolio inflows. This movement occurred despite Thailand’s April trade deficit widening significantly to a record USD10.0 billion. This substantial deficit, considerably exceeding the Bloomberg consensus of USD5.3 billion, represents the seventh consecutive monthly deficit and marks the largest on record. The widening gap between imports and exports is a key concern for the Thai currency’s stability in the coming period.

Import Strength Fuels Baht Pressure

The Director-General of the Trade Policy and Strategy Office, Nantapong Chiralerspong, has issued a warning regarding sustained pressure on the Thai Baht (THB). This pressure is directly linked to the persistence of strong import levels, which are contributing to the widening trade deficit. While the government maintains a base-case forecast for export growth at 3% for the year, with potential ranges from -3% to +8%, the current import dynamics pose a significant challenge. The Baht has already seen a year-to-date depreciation of 3.2% against the US Dollar, even with growth in AI-related exports.

Global Factors and Baht Weakness

Beyond domestic trade imbalances, external factors are also exerting downward pressure on the Thai Baht. Since mid-April, the currency has demonstrated a steady weakening trend, influenced by higher global oil prices and a robust demand for the US Dollar. This combination of factors, including the record trade deficit and global economic influences, underscores the multi-faceted challenges facing the THB. Despite some positive export segments, the overall economic picture suggests continued vulnerability for the Thai currency.

Source : Thai Baht: Pressured by record deficit against US Dollar – Commerzbank

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Of course, it’s an uneven picture across the country. Some town centres appear to be thriving, and in those places you won’t notice much visible sign of criminality – though the NCA did find organised High Street crime gangs in every part of the UK during an operation last year. Research from the Centre for Cities points to Cambridge, York, Edinburgh and Manchester as relative success stories. But this reflects another problem: inequality, because it tends to be places that are already wealthier that have less High Street crime. Towns that are already struggling, meanwhile, are the ones that attract money-laundering gangs.