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Resilient equity markets, rising risksRisks have risen but stocks are little changed. Middle Eastern ceasefires have been nominally extended but the Strait of Hormuz remains closed. Both the US and Iran are conducting operations in the waterway – resulting in a tense...

Getting back on trackLast week ended with what can only be described as market euphoria, after Iran declared the Strait of Hormuz “completely open”. Markets effectively decided the war to be over (even before Iran’s declaration), with the exception of oil perhaps:...

Brief relief Markets burst up on the ceasefire news but that optimism, yet again, has had to be tempered. The Strait of Hormuz now are not only closed but “blockaded, perhaps a risky attempt to create more pressure on China to press...

A seasonal central bank pivot We start April, and the new quarter, still very much dealing with the consequences of March. Both equity and bond prices are better since the close on the last Friday in March. Perhaps surprisingly given that the spot...