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Don’t fear the rebalance The rough patch for global stocks continues – yet again concentrated in the frothy US mega-caps. Smaller caps continue to be a bright spot, but in aggregate these gains are being outweighed by large-cap losses. The “Magnificent 7”...

Shock, rotation, growth? An astounding week, that started with an attempted assassination of Donald Trump, ended with the largest global IT outage in history. As a result, markets now assume Trump will be president – and have priced in the tax cut...

Lower inflation, less profits? Global stocks fell into the latter part of the week – thanks to a sell-off for US mega-caps. Smaller caps and other regions outperformed, in a reversal of the year’s trend so far. UK stocks did well, with...

New government, same economy The election results were emphatic but full of contradictions. Labour achieved one of the largest majorities ever with the lowest winning vote share, and it did so by promising change while emphasising continuity. The contradiction most relevant to...

Politics, where policy takes a back seatLast Friday marked the end of the second quarter, culminating in the day after the first 2024 US Presidential debate, widely seen as disastrous for Biden, yet financial markets have remained relatively steady. Institutional investors are...