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Running out of steam Last week’s mild equity falls were probably about end-of-quarter rebalancing. After a strong rally in the last three months, there’s some inevitable profit-taking at the end of September. But we shouldn’t get complacent: there are some narrative shifts...

Slowdown? What Slowdown?The weekend’s domestic and international political events continue to be a source of risk but Monday’s markets continue close to Friday’s closing levels. Last week saw rate cuts but higher longer bond yields, and record highs for some equity markets....

Markets’ outlook preference turns positive It was a slightly confusing week. US 30-year government bond yields dropped sharply – suggesting weaker growth expectations – but small cap stocks had a strong week, suggesting the opposite. In a sense, both narratives are true....

Pause for thoughtWhen traders return from their summer holidays, they reassess their outlooks, but while there’s no shortage in narratives, stocks moved very little last week.  Long-term bond yields continued rising on Monday and Tuesday – fuelling more panic about inflation and debt...

Refuelling pause in marketsIt was another quiet week for markets. Nvidia’s Q2 earnings were expected to give some clues about the AI investment theme, but US markets didn’t react much. Nvidia shares themselves fell, despite the chipmaker exceeding its high expectations. There’s...