Investment Commentary

Biweekly Investment Bulletins

2018: worst year since 2008 for equity markets

2018 proved to be the worst year for global markets since 2008. The MSCI World Index fell by 10.4% over the year as a whole, dragged down by widespread economic and political concerns. Markets seesawed during December as investors reacted to newsflow over Brexit, trade tensions, and the prospect...

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Deal or no deal … or no Brexit at all?

Months of Brexit speculation and uncertainty came to a head in November as the UK and the EU finally succeeded in reaching a Brexit deal. MPs will vote on the deal on 11 December, but there are doubts whether it will receive enough votes. The EU has stated that it will not contemplate a renegotiation...

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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...

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Monthly Market Commentary

February Market Commentary

The story of the US/China trade dispute was a thread running through much of last year. Some progress was made in resolving the dispute at December’s G20 summit and that appeared to continue in January with China saying it is ‘ready to work’ with the US. Donald Trump confirmed this, describing a tel...

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January Market Commentary

A quiet wind down to Christmas? Everyone leaving their offices early and not much happening in the second half of the month? Nothing could be further from the truth: December was one of the most eventful months of the year and while there was some good news, it was eclipsed by falling stock marke...

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December Market Commentary

It is always difficult writing a report like this, as you are always trying to ‘hit a moving target.’ While you can record the stock market levels at the close of business on, say,  30th November, there is always the risk that the commentary is overtaken by events. That has never been more true...

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Market Updates

Market Map

Emerging Markets

Investors hope for trade resolution at G20

Emerging markets generally performed more strongly than the broader global equity market during November, boosted by hopes that the US and China might resolve their ongoing trade dispute at the G20 summit in Buenos Aires, and by indications from the Federal Reserve that US interest rates are current...

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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: decision time

UK government bonds and the pound remained hostages to Brexit in November as the UK finally agreed a Brexit deal with the EU. Although the agreement was backed by the Cabinet, it is doubtful whether it will manage to clear a vote in the House of Commons on 11 December and the EU has confirmed that i...

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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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