Category: Investment Outlook
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...
Weak links in the outlook
30 January 2026After a roller coaster week, markets end just a bit lower than when we started. Equity indices were mixed in their own currency terms. US investors will see their markets as slightly down, but US returns will look worse for international...
Are markets right to be relaxed?
23 January 2026Markets have continued their strong and broad-based start to the year. US threats on Greenland cooled a little into the end of the week, allowing regional politics to take focus. Japan’s Prime Minister announced a snap election...
Optimism prevails
15 January 2026Global stock markets have started the year well, with most gaining during the first two weeks. The FTSE 100 broke through the 10,000 level last Friday for the first time in its history. Encouragingly, small and mid-cap stocks...
A quiet break from the new normal
5 January 2026We have crossed from the old to the new year with a bit of cheer. While US equity markets have marked time, Europe’s broad market has hit a new high, and the FTSE 100 traded above 10,000 this morning. China traded the first...
Rate cuts for Christmas
19 December 2025This has been the last week of liquid trading for 2025. The return of US economic data has sharpened the view that the US and other regions have had a soft patch. ...
Powell offers some liquid cheer
12 December 2025We are into the last active investment days of a truly remarkable year. After a short note on this week’s events, we offer some thoughts about 2025 and an outlook for 2026. ...
Waiting for a Santa Rally
5 December 2025Capital markets felt a little better this week, but with emphasis on “a little”. Global stocks gained incrementally through the week, putting most of the November market downdraft behind them. Underlying these moves is a genuine...
Ripe for a rotation
28 November 2025Another topsy-turvy week ends with more volatility and lower markets. Stocks were boosted midweek, after investor darling Nvidia reported even better than optimistically expected corporate earnings growth for the previous and...