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Overview: The resilience narrative comes under pressureIn recent times, a fall in bond yields (and therefore a rise in bond prices) would go alongside rises in equity prices, particularly the mega-cap growth consumer-related techs like Amazon, Alphabet (Google), Microsoft and Apple. However,...

A potentially meaningful change in correlations happened this week. In recent times, a fall in yields (and therefore a rise in bond prices) would go alongside rises in equity prices, particularly the mega-cap growth consumer-related techs like Amazon, Alphabet (Google), Microsoft and...

Overview: Bond yield volatility has markets guessingWhile the human suffering in the Middle East conflict worsened, capital markets have still not meaningfully acknowledged the rising geopolitical risk, beyond the slight increase in oil prices that was already under way a week ago....

While the human suffering in the Middle East conflict worsened, capital markets have still not meaningfully acknowledged the rising geopolitical risk, beyond the slight increase in oil prices that was already under way a week ago. Nevertheless, the volatility in long bond...

While the human suffering in the Middle East conflict worsened as expected this week, it has not yet spread further across the region. Therefore, and as we wrote last week, markets have not particularly acknowledged the rise in geopolitical risk temperatures beyond...

Overview: Capital markets and warThe world took a turn for the worse last week, from a humanitarian point of view. The surprise element of the attack together with the current global economic backdrop, drew immediate parallels with the Yom Kippur War of...

This past week saw the world most certainly taken a turn for the worse from a humanitarian point of view. Pictures of the atrocities committed in the Middle East, and indeed the timing, drew immediate parallels with the Yom Kippur War of...

Overview: Recession fears returnThe balmy autumn temperatures have continued into October, but September’s market chill has also carried through and that is more troubling. Continuing the recent trend, last week saw a further rise in global long bond yields, despite some weakness...

The balmy autumn temperatures have continued into October, but the market chill that has also carried through from September is more troubling. We discuss the asset class returns of the past month and quarter in our next article.  Financial markets are in...

Overview: Economic resistance is about to be testedSeptember is rarely a great month for investors, and last month proved no exception. Broadly, both equities and bond values declined and there is increasing sentiment that the 2023 market recovery is running out of...