Investment Commentary

The Russian invasion of Ukraine continued to be front and centre of investors’ minds last month, although the initial knee-jerk reaction to the conflict by financial markets faded in many cases. Global stock markets were a case in point, rebounding nearly 5% after a...

The Russian invasion of Ukraine continued to be front and centre of investors’ minds last month, although the initial knee-jerk reaction to the conflict by financial markets faded in many cases. Global stock markets were a case in point, rebounding nearly 5% after a...

Strong corporate results helped global equity markets achieve new all-time highs in October, despite the prospect of slower economic growth and concerns about supply chain disruptions and higher inflation.  Although bond market volatility continued, as short-dated...

Robust corporate earnings and abundant liquidity enabled global equity markets to make further gains in August and establish all-time highs towards the end of the month.  Although economic growth remains strong in absolute terms, at the margin actual numbers and...

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...

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...

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...

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...

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...

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...