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Monday digest

What the return of volatility tells us Equities were fairly stable in the US and UK last week, despite bond yields moving higher. Europe was the opposite: stocks fell despite falling yields. We might have thought bond volatility would hurt risk assets...

What the return of volatility tells us

The week has seen quite large price movements in asset markets even though, overall, equities are relatively stable. The UK’s main market index, the FTSE 100, is higher and among the better index performers globally. It came very close to closing Friday...

Monday digest

Bumpy start to the quarter Last week saw 2024’s first real bout of volatility. The S&P 500 had its biggest one-day percentage range in over a year on Thursday. This came after two extremely strong quarters for investors. Indeed, we suspect it...

Bumpy start to the quarter

Following on from two very strong quarters for investors in risk assets, the start of the second quarter has seen a sudden change of mood, and the first distinct bout of equity volatility this year. Indeed, on Thursday, the American leading stock...

Tuesday digest

Everyone is an optimist now The first quarter of 2024 was another strong one for stocks. That’s a pleasant surprise, given the massive rally that came before. The MSCI World Index has only had one down week since the end of October,...

Everyone is an optimist now

Asset price volatility continues to decrease, much like it has done across the quarter, so we can be reasonably sure that Q1 2024 will finish strongly positive for equity markets across the world. This week (so far) has been another reasonable one,...

Tatton Teaser

Cocoa Prices Skyrocket on Supply Crunch The cocoa market is experiencing a historic surge, with prices surpassing £8,000 per metric ton for the first time ever. Cocoa futures have more than doubled in price this year, driven by a severe supply crunch...

Monday Digest

Stick to the Plan Brighter days for markets; returns were strong across the board last week, thanks to central bank messaging. The Bank of England (BoE) “has done its job” according to Governor Bailey, and “we are not seeing a lot of...

Stick to the plan

The northern hemisphere has now entered the brighter half of the year, the days getting longer, lighter and warmer. Financial markets are also brightening. This week has been good across the global board for equities and bonds. The most obvious reason for...

ESG Honestly

ESG: No such thing as bad press? ESG investing provokes some strong reactions, to put it lightly. A quick search for “ESG controversy” reveals more articles about why the style of investing itself is controversial than it does about investments which are...

Monday digest

Overview: Rates up, down, and going sideways Bond prices slid last week while consolidation continued in the global equity markets. Notably, Japan was weaker and US large caps largely unchanged. There was a sense of disappointment, that left investors wondering if optimism...

The flipside of inflation – growth

Consolidation continued in most equity markets this week, although bond prices did actually drop somewhat. UK and European equity markets are stronger, Japan is weaker and US large caps are largely unchanged, although there is a sense of mild disappointment as investors...

Monday digest

Overview: At least currency markets noticed the budget Markets gained again last week, with the S&P 500 hitting another all-time high. But thanks to sterling gaining 1.5% against the US dollar, our table shows negative index returns. Sterling strength may be partly...

At least currency markets noticed the budget

This week has seen global markets showing gains again. The FTSE 100 is a little lower but the US S&P 500 hit another all-time high, driven by renewed interest in megacaps. Bond prices rose and sterling is stronger against the US Dollar....

Tatton Teaser

Is pharma the next AI? The stunning share price jumps of companies like Nvidia has led to questions of what’s next for AI investment. This is not a stock recommendation of any kind, but on the current path Eli Lilly  could possibly...

Monday digest

Overview: Winners and losers of stabilising yieldsLast week was one of positive price action in equities, although the US mega-caps did less well, while bond markets were rather stable. Indeed, stable bond markets are one of the reasons why equity markets can...

Winners and losers of stabilising yields

We ended February and start March with a week of positive price action in equities, although the US mega-caps did less well generally, while bond markets were rather stable. Indeed, we think stable bond markets – pretty much since the beginning of...

Tatton Teaser

Just when you thought you’d seen it all, reality often proves you wrong. By now, most will have seen the headlines and digested Nvidia’s stunning results, with profits in its data centre unit [which includes its AI chips to you and me]...

Monday digest

Overview: M&A activity sets growth against valueEquities moved higher again last week, with gains made across global markets. Even China put in another week of positive returns following the largest ever cut to the five-year housing loan prime rate (admittedly only 0.25%)....

M&A activity sets growth against value

Equities have moved higher again this week, with gains made across global markets. Even China put in another week of positive returns, following the largest ever-cut to the five-year housing loan prime rate (admittedly only 0.25%). Government bonds have not done so...

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