Investment Commentary

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...

What’s happened: A continuation of outperformance among a handful of mega US tech stocks carried global stock benchmarks higher in January, with the MSCI All Country World ending the month up 1%, in sterling terms. The first monetary policy decisions of 2024 from the...

A stellar last couple of months meant that global stock markets ended 2023 firmly higher, with the MSCI All Country World Index delivering an 18% return, in sterling terms. The Q4 rally was largely based on a growing expectation of a significant reduction in interest...

A stellar last couple of months meant that global stock markets ended 2023 firmly higher, with the MSCI All Country World Index delivering an 18% return, in sterling terms. The Q4 rally was largely based on a growing expectation of a significant reduction in interest...

November provided investors a strong set of returns as stock and bond markets reacted to a growing expectation that central banks are not only at the end of their cycle of increasing rates, but that decreases will start to occur from the middle of next year. The MSCI...

A growing feeling that a “higher-for-longer” interest rate environment is taking hold weighed on stocks and bonds into the end of the third quarter. However, UK investors were largely shielded from these declines due to a sizable depreciation in the sterling to US...

August marked the first monthly decline for global stock markets since February, although a recovery into month end and depreciation in the GBP/USD rate meant the majority of losses were recouped. The weakness emanated from renewed concerns for the health of the...

The narrative surrounding financial markets shifted in February. A series of stronger than forecast economic data releases raised concerns that central banks may raise interest rates higher than previously expected. This caused equity markets to hand back some gains...

Market volatility reduced in April, with stock and bond markets experiencing calmer conditions. For sterling-based investors the MSCI All Country World ex UK Index was marginally negative for the month compared to a positive return on UK equities of 3.6%. Gilts yields...