Latest news.
Getting back on track
17 April 2026As we were writing, Iran declared the Strait of Hormuz “completely open” and markets rose sharply. This time, bond yields fell back too. Even before that announcement, equity markets had, more or less, decided that the war...
Brief relief
10 April 2026Markets burst upwards on Wednesday, as the US pulled back from the precipice and announced a ceasefire with Iran. Oil prices dropped over 15% while bonds and stock prices rallied on the hope that global supply chains might quickly...
A seasonal central bank pivot
2 April 2026We start April, and the new quarter, still very much dealing with the consequences of March. Both equity and bond indices’ prices are better since last Friday’s close as we write but the narrative is as febrile as at any point...
Markets hold their breath
27 March 2026Donald Trump’s apparent olive branch to Iran helped to temporarily stabilise markets this week. Stock prices gained a little in the early part of the week, government bond yields fell back from recent highs, and energy prices...
Escalation precedes de-escalation
20 March 2026The Iran War keeps dragging down markets. Israel’s strike on Iran’s South Pars gas facility, followed by Iran’s strike on a Qatari liquified natural gas facility – the largest in the world – saw crude oil spike above...
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...
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