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The return of regional divergence
7 March 2025At the time of writing, global stocks in aggregate are around where they were a week ago in local currency terms, but the fall in the US Dollar means the Bloomberg World index is about -3% in Sterling terms. ...
Honeymoon ends early
28 February 2025There was no meaningful recovery for US stocks this week, following their cold shower last Friday. By contrast, Europe actually managed to warm a little through this week. Investors’ shift away from the US continues, and markets...
Global politics turn business
21 February 2025We end the week on a slightly downbeat note, not borne out of the astounding shifts in US foreign policy, but because US domestic service sector sentiment seems to have sagged. The US 10-year bond yield has dropped back to below...
Europe First?
14 February 2025Another dramatic week in global politics had rare and fascinating effects on capital markets. The Trump administration’s apparent plan to negotiate a Ukraine peace deal without European input, but leave European nations to foot...
Up and down and on and off
7 February 2025The week began with, potentially, a very distasteful pill to swallow. On Friday evening, just before 6pm GMT and after European markets had closed, Trump announced another 10% of tariffs on China and new 25% tariffs on Mexico...
AI upset challenges market status quo
31 January 2025It has been another interesting week in markets, although for different reasons than recently. Most of the major regional stock indices have performed well, but global equities are down in aggregate. This is largely down to the...