Winners and losers of stabilising yields

1 March 2024

We ended February and start March with a week of positive price action in equities, although the US mega-caps did less well generally, while bond markets were rather stable. Indeed, we think stable bond markets – pretty much...

M&A activity sets growth against value

23 February 2024

Equities have moved higher again this week, with gains made across global markets. Even China put in another week of positive returns, following the largest ever-cut to the five-year housing loan prime rate (admittedly only 0.25%)....

UK not growing really, not growing nominally

16 February 2024

As regular readers will know, we tend not to comment on UK matters as much as some, partly because the investment portfolios we manage for UK clients are quite globally focused. But the UK as our home is important to us and this...

US stock market entering bubble territory?

9 February 2024

This was the week when the US large-cap equity market shook off the rest of the world and marched to yet another new milestone. The S&P 500 traded above 5,000 for the first time on Thursday night. It also shook off another...

Central banks challenge Goldilocks assumptions

2 February 2024

The first month of the year is behind us and, despite what many expected, returns were positive for most investors. Following the initial hangover from last year’s tremendous Santa Rally, risk asset markets continued on their...

Positive growth sentiment returns

26 January 2024

After the bumpy ‘hangover’ start and the volatile two weeks that followed, it looks like investors are finding their feet again, slowly turning January into a far more positive month than many had expected following the very...

Data vs Davos

19 January 2024

This week, global capital markets resumed their volatile path of last year, as the positive sentiment, driven by expectations of an imminent and significant onset of rate cuts, began to wane somewhat. The combination of a distinct...

A bumpy upwards path ahead

12 January 2024

Every hangover comes to an end and the equity market’s malaise lasted no longer than usual. After refusing to get out of bed last week, this week the markets decided to go to work. Europe recovered last week’s losses while...

After the party, the hangover

5 January 2024

The first week of January feeling is eerily reminiscent of one year ago: strikes, endless rain and then everything else that causes the usual January blues. Yet investors in diversified global investment portfolios will get a...

Policy and politics set to play a pivotal role in 2024

18 December 2023

Heading into 2024, capital markets are in a somewhat contradictory position. Global growth has been slow (and in some places negative) for some time, while central banks have raised interest rates at the fastest pace in a generation....