Monday Digest

Overview: Q1 2020 reviewIt was turbulent at times, but the first quarter of 2021 brought genuine good news for UK-based investors with exposure to global stock markets. Equity markets generally resumed an upward trajectory, while low risk assets, especially long maturity bonds,...

Overview: Edging closer towards a post-pandemic world  Last week was another one of markets feeling on edge without going anywhere. Investors seem to have caught a bit of worry about the passage of growth, oddly just as the recent headwind of rising bond...

Overview: the tug of war between optimism and fear continues  This week marks the one-year anniversary of the turning point of the COVID stock market crash. This time last year, we were writing about a “plunging into a global recession of potentially unknown proportion and...

Overview: Markets continue to recalibrate  Last week was another choppy one for global stock markets, although for equities there was more up than down across the board, and bonds yields stopped their upwards trend, at least for now. The general upward trend notwithstanding, there was notable rotation...

Overview: earnings expectations may yet stabilise wobbling markets The market wobbles of last week brought with them an eerie sense of déjà vu. This time last year, the NASDAQ 100 closed at an all-time high of 9718.73, before sliding back as the far-reaching implications of the...

Overview: reflation is the word of the week (possibly year) Twelve months ago, stock markets hit their pre-pandemic high, before plunging towards the most extreme global market crash ever known, as the world accepted COVID-19 presented a threat of unprecedented dimensions. Learnings from the global...

Outlook: the EU displays frayed nerves and flared tempers In the middle stages of the pandemic, when things had the potential for going very, very badly, there was a sense of global solidarity and unity among people and politicians. In Europe, although...

Outlook: endpoints and new beginnings After last year’s annus horribilis, many people were hoping for a more prosaic start to the new year. But it soon became clear that 2021 had other ideas. Yet even though events of massive importance have taken...

Overview: more tunnel to go through before we get out into the lightThe November rally in stock markets finally petered out last week, despite further positive vaccine news that bolstered optimism for next year. Now that the Pfizer & BioNTech messenger vaccine...

Overview: debt markets buoyed by the promise of QE After September’s unsteadiness, capital markets have regained their composure and continue to drift upwards in October. This poise stands in stark contrast to the flow of bad news. In the US, the White...