Investment Commentary

November 2020

The resurgence of COVID-19 in Europe and the US continued to occupy the minds of investors during October. The increased pace of COVID-19 infections has triggered fresh lockdowns in Europe and this will set economic activity into reverse in Q4. Equity markets having...

October 2020

Equity markets paused for breath in September after a steady rebound from the 23 March low.  The global economic recovery continues but a second wave of COVID-19 in Europe and regional lockdowns are a timely reminder that the pandemic still has some way to run. ...

July 2020

The global economy may be in the deepest recession for decades but – with signs that the worst could be over despite sporadic resurgences in Covid-19 infection rates – financial markets have been swift to discount both a recovery and a return to normality. Global...

May 2020

Risk assets recouped some of their losses in April on signs that the Covid-19 infection rate was levelling off. There were also signs that monetary and fiscal policies were beginning to have an impact, with the global economy beginning to gradually reopen. Global...

February 2020

Although stock markets started 2020 in a euphoric mood with Phase 1 of the US-China trade deal and signs of economic stability in the eurozone and China boosting the outlook for global growth, any improvement is now likely to be delayed by coronavirus. Given the...

January 2020

Global shares returned 3% in December and 9% over the final quarter although this was largely eroded by an 8% rise in sterling to $1.33 for UK-based investors. While the decisive Conservative election victory helped the FTSE 100 gain 196 points last month to 7,542,...

December 2019

Monthly market commentary – December 2019 Risk assets continued to perform well in November and – having largely recovered from the late summer setback – are on track to record strong gains this year. The combination of supportive financial conditions, renewed central...

November 2019

The possibility of a phased US/China trade deal, a third 0.25% cut in US interest rates and solid third quarter corporate results improved stock market sentiment in October and bond yields rebounded from multi-year lows. Wall Street rose 2% and pushed into new high...

September 2019

Markets have been dominated by trade tensions between the US and China, weakening global growth and expectations of interest rate cuts. Investor demand for safe haven assets resulted in a further fall in bond yields, with long-term US bond yields dipping below...

August 2019

Central banks are easing monetary policy once again. Bond investors see this as pre-emptive action ahead of a global economic slowdown, perhaps even recession, whereas equity investors anticipate this will fuel a pick-up in corporate profitability by boosting GDP...