Investment Commentary

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...

Global stock markets have begun 2024 in much the same vein as they ended last year, with the first quarter seeing sizable gains in US and continental European equities. The MSCI AC World index returned 9.5% in the first quarter, in sterling terms. The persistence of...

Global stock markets have enjoyed a bright start to 2024, building on substantial returns in 2023. Early last year pessimism reigned supreme, and the pleasing market returns since have largely been a result of the alleviation of doom and gloom, rather than major...