Investment Commentary

Biweekly Investment Bulletins

  • Wobbly times

    Stock markets have started to wobble. A sell-off in Asia has spread across the globe. Having been talked about for months, is the sell-off finally here? The catalysts for the sell off include higher rates, US protectionism and a bull market that’s long in the tooth It is difficult to see a t...

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  • What's next for Nafta?

    Trade talks took a fresh turn during August as the US and Canada failed to reach agreement over the renegotiation of the North American Free Trade Agreement (Nafta). Meanwhile, trade discussions between the US and China broke up without making any significant progress. Elsewhere, as the relationship...

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  • Deal or no deal?

    Investors became increasingly preoccupied by the possibility of a “no-deal” Brexit during July as the UK’s Parliament broke up for the summer recess. Although Chief EU Brexit negotiator Michel Barnier described the UK’s Brexit White Paper as a “real step forward”, he refused to accede to the proposa...

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Monthly Market Commentary

  • OCTOBER - Market Commentary

    Introduction On Tuesday, 3rd November 2020 the United States will go to the polls to elect its next President. All the indications are that Donald Trump will stand for a second term and if the words of Bill Clinton – “It’s the economy, stupid” – are to be believed, he will win. While not wanti...

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  • SEPTEMBER - Market Commentary

    Introduction August used to be known as the ‘silly season’. Everyone who made the news was away on holiday, nothing happened and newspapers were desperate to fill their pages. So rather more obscure stories made it into print… That, of course, was before Donald Trump. And Brexit. And Venezuela...

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  • AUGUST - Market Commentary

    Introduction The news in July really could not have been much worse. The threat of a trade war between the US and China simmered throughout the month, and then on 31st July President Trump ramped up the tension with proposals of a 25% tariff on $200bn (£152bn) of Chinese imports. China has alr...

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Market Updates

Market Map

Emerging Markets

  • China accuses US of “trade bullyism”

    The trade war between the US and China continued to escalate during September. Following the US’s imposition of levies on US$200 billion-worth of Chinese products, China announced fresh trade tariffs on US$60 billion-worth of US products. In a bid to restore market confidence towards Argentina, the...

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  • No winners in a global trade war

    During July, President Donald Trump imposed US$34 billion in tariffs on Chinese goods, prompting China to respond with US$34 billion of levies on US imports. The US announced plans to implement a further US$200 billion-worth of tariffs in September. China’s monthly trade surplus with the US climbed...

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Bond Markets

  • Brexit enters the last six months

    Gilt yields rose during September as the Brexit negotiation process moved towards its final six months and a summit in Salzburg ended without a deal. The IMF concluded its annual assessment of the UK economy and warned that, although all possible Brexit outcomes are likely to incur costs for the UK,...

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  • Trade fears stoke bond yields

    Global bond yields generally rose during July as escalating trade tensions undermined investors’ confidence. Nevertheless, despite concerns over the possible impact of the deepening trade wars, Federal Reserve (Fed) Chairman Jay Powell remains optimistic towards the economic prospects of the US. ...

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