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Known Unknowns returns
13 March 2026The US and Israel’s war against Iran has plunged capital markets into uncertainty. No one knows how long it will last, what the endgame is or how much the global economy will be disrupted along the way. Markets are famously...
AI boom or doom
6 March 2026Global stocks went more or less nowhere this week. The UK and Europe’s strong runs continued, US markets consolidated, and China returned from holidays to find increasing overseas demand for the Renminbi. President Trump’s...
Stable indecision
27 February 2026The US Supreme Court just announced that cannot use the Emergency Powers Act to impose reciprocal tariffs. Stocks rose, US government bond prices fell somewhat, and the dollar weakened slightly. The moves are positive but not...
Anxiety under the surface
21 February 2026Stock markets were flat in aggregate this week. That is an improvement over the frantic action we have seen recently and, towards the end of the week, there was even some relief for beleaguered tech stocks. Below the surface,...
Flipping the narrative
10 February 2026US tech stocks dragged down overall global equity returns this week – the Nasdaq Composite index down nearly 3% in sterling terms. The AI theme that propelled the sector for years is now causing a crisis of confidence, over...
End of euphoria, back to normal?
3 February 2026Equity markets hit all-time highs on Tuesday and Wednesday, including a 1.5% gain for US stocks. But Microsoft’s earnings pushed the US back to where it started the week. The US tech giant’s spending and revenue figures reignited...
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