Investment Commentary

Global stock markets continued to move higher in May, supported by a further de-escalation in international trade tensions. There have now been a series of steps taken to reduce trade tariffs and there is a growing sense that the worst-case scenario has been avoided....

A strong recovery in the second half of April meant global stock markets recouped the majority of their tariff-induced losses, with the MSCI All Country World index ending the month down 2.4% (all returns for April and in sterling, unless otherwise stated). The...

Macro Outlook What's happened Stock markets experienced a mix of gains and losses in February, with the MSCI All Country World Index (MSCI ACWI) declining by -1.7%, bringing its year-to-date (YTD) performance to 2.8%. What's ahead Financial markets will remain...

Macro outlook What’s happened: Stock markets made a bright start to 2025, with the MSCI All Country World index rising 3.9% in January (all returns in sterling, unless otherwise stated). European equities led the way higher with a substantial level of relative...

Global equities enjoyed another exceptionally strong year of returns in 2024. US stocks were the standout performers due to higher economic growth rates and a greater weighting to the best performing sectors of the past 12 months, in particular technology. ­Although...

Macro outlook: What’s happened: The US election dominated the narrative last month as Donald Trump’s victory, along with Republican control of both houses of congress, was well received by financial markets. Stocks enjoyed a strong month in the expectation of a...

The UK budget and US elections are two major events for financial markets in recent weeks and quite rightly dominated the news headlines. The initial market reaction has been positive for equities, with US stock benchmarks rallying to new record highs. UK gilts have...

Central banks took centre stage in Q3, as the Bank of England and Federal Reserve delivered their first interest rate cuts in over four years. Markets generally welcomed the moves with Wall Street and global stock benchmarks hitting fresh all-time highs, although...

Stock markets recovered from a bout of strong selling in early August to end the month slightly higher. A series of factors contributed to the market swoon, as corporate earnings from market leaders, central banks refraining from strong dovish shifts and a soft US job...

Last week was marked by a flurry of quarterly earnings reports and one major rate cut, the MSCI All Country World Index (MSCI ACWI) saw a decrease of 2.0%, (9.7%YTD). In the US, last week’s nonfarm payrolls report brought a slower-than expected growth in the labour...