Friday 17th February 2023 Following on from the euphoria of the liquidity-driven ‘everything’ rally in January, a much more cautious tone has permeated financial markets since the beginning of February. Stocks have not joined bonds in selling-off, but any gains have been hard won – and ofte...
Friday 3rd February 2023 Central banks were back in action this week – and boy did markets know it. Into this fortnight, the market story remained largely as it had been since the start of the year: plenty of green on the screen across assets, with European and emerging markets doing particular...
Friday 20th January 2023 Financial markets have staged a formidable rally since the start of the year with European and emerging market equites leading the charge alongside industrial and precious metals. These assets are being buoyed by the end of ‘Zero Covid’ in China, a weaker dollar, down...
Friday 6th January 2023 Markets staged a rather bright start to the new year, especially in Europe. Though 2022 was a year most market participants would sooner forget – the first calendar year ever where total returns on the S&P 500 and US 10Y Treasuries were both lower than -10%, and global b...
Friday 23rd December 2022 Last time out we wrote of markets’ lack of festive cheer – and registered our view that this was a fair reflection of the panoply of downside risks hanging over markets. Market moves in the fortnight since have confirmed this unseasonal funk and all major equities in...
Friday 9th December 2022 With temperatures plummeting, snow falling, and Christmas carols echoing in the air, it feels like the festive season is now well and truly upon us. Unfortunately, financial markets appear to have missed their invite to the Yuletide merrymaking and the much-anticipated â€...
Friday 25th November 2022 After their dramatic leap up on 10th November – sparked by a gentler-than-expected US CPI print, as discussed in our last missive – markets seemed to take a breather, entering a period of rather benign stasis as the S&P 500 traded within a narrow 122-point band and c...
