Big trouble in big China

22 May 2020

Over the past week, it felt as if the new normal of enforced idleness paired with less stringent lockdown rules and summer weather would lead to a happier mood across Western Europe, including the UK. The same applied for investors,...

US-China Cold war: Threat or blessing?

15 May 2020

Halfway through May and stock markets have continued to deviate markedly from the classic bear market pattern described in “The anatomy of a bear market” in The Tatton Weekly of 27 March (see graph on next page). What looked...

Phase II kick-off – from staying home to staying safe

7 May 2020

This has been a short week for most regions. Tomorrow’s VE day holiday here in the UK was labelled “Victory in Europe” in 1945, and marked the huge victory against the forces of tyranny and isolating nationalism. We know...

Lock-down, Open-up

1 May 2020

In April, the virus ended the lives of over 190,000 people across the world. Of those, 13% were in the United Kingdom, nearly 25,000. The UK has been one of the worst affected countries during this pandemic. The US has suffered...

Trial and error

24 April 2020

After making a cameo appearance in the build-up to March’s COVID-19 market crash, this week saw oil return in dramatic fashion to reclaim the spotlight. This time the performance veered almost into parody, with the oil price...

Lifting lockdown remains a delicate balancing act

17 April 2020

The post-Easter week brought continued relief for long-term investors, with a consolidation of the recovery from previous weeks followed by reacceleration towards the end of the week. That said, the continued strength of markets...

Fading threat of financial crisis re-opens old divides

9 April 2020

These “strange times we live in” are even stranger for those of us working in and around capital markets. Despite the COVID-19 death toll rising to horrifying and previously unthinkable highs, stock markets staged another...

Unprecedented quarter or calm before the storm?

3 April 2020

This week marks the end of the first quarter of 2020. Rarely if ever does it happen that one news story swamps all else as much as the coronavirus pandemic has, but in the future we probably will not remember much else about the...

Government ordered recession

20 March 2020

Just like the spread of the COVID-19 coronavirus itself, the rate of policy change over the last few weeks has been astounding. A week ago, Boris Johnson and co. were content to isolate the sick, have the public wash their hands...

Disorderly divestments create confusing market dynamics

12 March 2020

Last week could be characterised as an “orderly” repricing of equity markets to the consequences of COVID-19 disruptions. This week has seen second-order market dynamics, driving valuations down to levels which do not seem...