Investment Commentary

After the strong start to the year, renewed trade tensions and weaker manufacturing data saw profit-taking in May as investors adopted a more cautious stance. The FTSE 100 fell 257 (3%) to 7,161 while Europe ex UK was down 5% in local currency terms, Wall Street 6%...

Major stock markets gained between 2% and 4% in April. Better than expected economic news and first quarter corporate results helped Wall Street to a new all-time high. Returns for sterling-based investors were boosted by the dollar strengthening to $1.29 as the...

Risk assets recovered strongly in January and – although not recouping all their fourth quarter losses – recorded positive returns. With global economic growth continuing to slow, markets were reassured by the Federal Reserve’s signal that US interest rate rises were...

Risk assets recovered strongly in January and – although not recouping all their fourth quarter losses – recorded positive returns. With global economic growth continuing to slow, markets were reassured by the Federal Reserve’s signal that US interest rate rises were...

While rising interest rates, the ending of “cheap money” and a maturing economic cycle have been evident for some time, these factors – combined with growing uncertainty on US/China trade tariffs, the Brexit stalemate, slowing growth in China, Italy’s budget deficit...

Strong global growth, particularly in the US, subdued inflation and accommodative monetary policy remain a supportive backdrop for risk assets. However, over the summer growth momentum has eased - which is characteristic of a maturing economic cycle - and global trade...

July was a good month for international equity markets as strong global economic and corporate profit growth outweighed the escalating trade tensions. In local currency terms, the US market was the best performing, with the S&P 500 gaining 98 points to 2,816, just...

Surveys and hard data show the global economy growing at a healthy pace with minimal inflation risk. Activity accelerated in Q2 and our expectation of 3.4% GDP growth – marginally higher than last year – should be achieved in 2018. Although stronger US growth will...

The global economy remains on track for another year of strong GDP growth - currently estimated to be 3.4%.  After temporary influences dampened growth in Q1, the pace has picked up in Q2 although marginally weaker business surveys suggest momentum, particularly...