AI boom or doom
Global stocks went more or less nowhere this week. The UK and Europe’s strong runs continued, US markets consolidated, and China returned from holidays to find increasing overseas demand for the Renminbi. President Trump’s State of the Union Address barely moved markets....
Stable indecision
The US Supreme Court just announced that cannot use the Emergency Powers Act to impose reciprocal tariffs. Stocks rose, US government bond prices fell somewhat, and the dollar weakened slightly. The moves are positive but not yet meaningful. Much will now depend...
Anxiety under the surface
Stock markets were flat in aggregate this week. That is an improvement over the frantic action we have seen recently and, towards the end of the week, there was even some relief for beleaguered tech stocks. Below the surface, however, things look...
Flipping the narrative
US tech stocks dragged down overall global equity returns this week – the Nasdaq Composite index down nearly 3% in sterling terms. The AI theme that propelled the sector for years is now causing a crisis of confidence, over a potential growth...