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Weak links in the outlookTrump threatened and retreated, but markets ended slightly down last week. On the bright side, the TACO trade is protecting against the downside. 40-year Japanese government bonds (JGBs) broke through 4% for the first time ever. The long-maturity JGB...

Are markets right to be relaxed?Markets kept up their strong start during last week, shrugging off growing political worries. This week begins with the startling escalation in “the grab for Greenland”. Both bonds and equities are under pressure and, although the US...

Optimism prevailsMarkets have started the year well, led by small and mid-cap stocks. US military action and threats barely moved markets – not even oil prices. Instead, investors are focused on reasonable growth data and its potential to improve.  According to JP...

A quiet break from the new normal The US actions in Venezuela have – as of now – had no negative impact on equity markets. In commodities, metals are stronger again, while oil is slightly lower. US bond markets are a bit...