Signs of ‘peak inflation’ emboldens markets

12 November 2022

There were three big market-moving stories this week: the US midterm elections, the latest crash in the surreal world of crypto currencies, and the release of US inflation data for October. By Friday, it was the lower-than-expected...

Diverging paths and scary messages

4 November 2022

Considering the gloomy news this week from central banks in the US and UK, investors enjoyed a decent enough start to November. Following on from the rebound over the second half of October, it has been welcome news that capital...

US slows, Europe’s outlook improves, UK back to start

28 October 2022

The most turbulent October experienced by UK bond markets since 2008 is drawing to an end and one could easily get the impression nothing of significance happened. Sterling is back to where it traded just before that fateful 23...

The world beyond the UK

21 October 2022

Given the volatility in UK politics over the week, broader capital markets felt like a sea of calm in comparison. As far as the outcomes from the political side are concerned, markets had already priced in the upside on sterling,...

Change in the air

14 October 2022

It is not often that market action in the UK capital market moves the global capital market dial, given our domestic stock market comprises just 3.1% of the global total and 4.1% of the global total government bond market. However,...

Reading the runes of this week’s market bounce

7 October 2022

Market volatility has been in the air all year and given the macroeconomic backdrop this is not at all surprising. A weakening global economy marred by war and labour market-driven supply squeezes, while simultaneously trying...

Loss of trust

30 September 2022

This week provided the evidence for the fragility of capital markets as they grapple with the strain of transitioning from an ultra-low interest rate environment back to the one we knew before the global financial crisis of 2008....

The Fed at work and China snubs Putin

16 September 2022

The period of mourning for Queen Elizabeth II continues amid truly touching scenes. Our Chief Economist’s walk from Rotherhithe to the Tatton office follows the path of the waiting line for the Queen’s “Lying-in-State”....

The end of eras

9 September 2022

With great sadness, we pass from the second Elizabethan age. Our Queen was a constant during this period of intensely rapid change. Across the political spectrum, we can acknowledge her ceaseless responsibility to her people....

Waiting for policy action

2 September 2022

The summer is nearing its end and with it the return of the more typical English late summer climes. It may feel as if markets have taken a hint with their 5-day downdraft until Thursday, although most outsiders will look at the...