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This has been the last week of liquid trading for 2025. The return of US economic data has sharpened the view that the US and other regions have had a soft patch. Interestingly, that clarity has helped rather than hurt markets. Investors think...

We are into the last active investment days of a truly remarkable year. After a short note on this week’s events, we offer some thoughts about 2025 and an outlook for 2026. Most equity markets have been solid this week but this...

Capital markets felt a little better this week, but with emphasis on “a little”. Global stocks gained incrementally through the week, putting most of the November market downdraft behind them. Underlying these moves is a genuine improvement in the economic outlook for...