Investment Commentary

Concerns surrounding monetary policy tightening weighed on markets in August, with global equities handing back a fair portion of the previous months’ gains as bond yields resumed their move higher. UK-based investors with dollar-based assets were once again shielded...

July marked an impressive recovery for global stock markets, with the MSCI All Country World Index gaining 7% to post its best monthly return since November 2020. Although aggressive interest rate hikes were announced, government bond yields, on the whole, declined,...

May was another negative month for global equities, but an impressive recovery into month-end meant the MSCI All Country World Index recouped the vast majority of its losses, finishing with a 0.2% decline. US Treasuries and core Eurozone government bonds also bounced...

Global stock markets came back under pressure in April as concerns surrounding monetary policy tightening soured investor sentiment. Inflation data hit new cycle highs in the US, UK and Europe, pushing interest rates up further on expectations central banks will...

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...