Latest news.
Assuming growth will win
22 May 2026Global stocks and global bonds are ending the week positively, with the gains coming mostly in non-US markets. This is the first week since the end of March that big US tech stocks have underperformed. That underperformance comes...
Waiting for relief
15 May 2026The Bloomberg World Equity index is up 1.5% in sterling terms as we close the week, although virtually all of that gain comes from US stocks and a stronger US Dollar. Donald Trump’s high-profile visit to China had no notable...
Reasons to believe
8 May 2026Markets are feeling hopeful. Iran is still mulling over Donald Trump’s proposal to end the war and reopen the Strait of Hormuz, but investors are betting on a done deal. Oil prices dropped from around $115 per barrel [pb] on...
Markets making the best of it
1 May 2026The risks we wrote about last week keep rising. The continued US blockade of the Strait of Hormuz, along with reports that the US might restart attacks, sent oil prices above $120 per barrel in midweek trading. They have since...
Resilient equity markets, rising risks
27 April 2026Risks have risen compared to a week ago, but global stocks are little changed. The Middle East conflict has simmered down into a tense stalemate, with ongoing dialogue but little progress. Global equity indices are in a holding...
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...