Investment Commentary

May 2021

The combination of strong economic data, extraordinary fiscal stimulus, negative real interests and central banks prepared to look through short-term supply pressures supported further gains in risk assets in April. Fixed interest held steady despite rising input...

April 2021

Business sentiment surveys indicate that the economic recovery will continue over the coming months with Q1 GDP surprising on the upside in several key economies - including the US and China. Global GDP estimates have been increased to 5.5% this year and 4% in 2022...

March 2021

Hopes for global economic recovery are still pinned on a successful vaccine rollout which should allow services and consumption to catch up with the rebound in manufacturing. With monetary policy remaining supportive and more fiscal stimulus expected, there is...

January 2021

Global equities returned nearly 5% in December, making a Q4 total of 15% in local currency terms. However, for UK based investors, sterling’s appreciation to $1.37 on dollar weakness and the Brexit trade deal reduced this to 9%. A change in sector leadership helped...

December 2020

Global equities recorded their best month for 45 years in November, as optimism surged on positive vaccine news and relief that the US election did not produce any major negative surprises.  Gains were widespread geographically as well as across asset classes from...

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...