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Global growth tailwinds For once, markets were preoccupied with non-US news last week – after China’s double shot of economic stimulus boosted Chinese (and European) stocks. Our verdict is that they will be impactful – just not quite the ‘bazooka’ levels of...

Central bank pivot 2.0 The US Federal Reserve’s 50 basis point interest rate cut was last week’s biggest story, and markets took it well. It was portrayed as a surprisingly large cut, but markets had already priced in a high chance of...

Market fears fading Global stocks recovered well last week, in a sign that the early September jitters are fading, just as the August ones did. Not because the European Central Bank (ECB) cut interest rates again – given president Lagarde warned that...

Nervous markets ahead of second pivotCapital markets started September nervously, but our generally positive long-term view remains unchanged. China’s weakness continues to weigh on global growth: its corporate profit outlook worsened, as did demand for iron and steel. Beijing’s main support lever...

Balancing acts US stocks were weighed by tech last week, but the UK and Europe were reasonable. Britons suspect a capital gains tax (CGT) hike in autumn – which is keeping advisers busy but hasn’t had any effect on UK stocks, and...