Everyone is an optimist now
Asset price volatility continues to decrease, much like it has done across the quarter, so we can be reasonably sure that Q1 2024 will finish strongly positive for equity markets across the world. This week (so far) has been another reasonable one,...
Stick to the plan
The northern hemisphere has now entered the brighter half of the year, the days getting longer, lighter and warmer. Financial markets are also brightening. This week has been good across the global board for equities and bonds. The most obvious reason for...
The flipside of inflation – growth
Consolidation continued in most equity markets this week, although bond prices did actually drop somewhat. UK and European equity markets are stronger, Japan is weaker and US large caps are largely unchanged, although there is a sense of mild disappointment as investors...
At least currency markets noticed the budget
This week has seen global markets showing gains again. The FTSE 100 is a little lower but the US S&P 500 hit another all-time high, driven by renewed interest in megacaps. Bond prices rose and sterling is stronger against the US Dollar....
Winners and losers of stabilising yields
We ended February and start March with a week of positive price action in equities, although the US mega-caps did less well generally, while bond markets were rather stable. Indeed, we think stable bond markets – pretty much since the beginning of...
M&A activity sets growth against value
Equities have moved higher again this week, with gains made across global markets. Even China put in another week of positive returns, following the largest ever-cut to the five-year housing loan prime rate (admittedly only 0.25%). Government bonds have not done so...
UK not growing really, not growing nominally
As regular readers will know, we tend not to comment on UK matters as much as some, partly because the investment portfolios we manage for UK clients are quite globally focused. But the UK as our home is important to us and...
US stock market entering bubble territory?
This was the week when the US large-cap equity market shook off the rest of the world and marched to yet another new milestone. The S&P 500 traded above 5,000 for the first time on Thursday night. It also shook off another...
Central banks challenge Goldilocks assumptions
The first month of the year is behind us and, despite what many expected, returns were positive for most investors. Following the initial hangover from last year’s tremendous Santa Rally, risk asset markets continued on their upward trajectory. That was until the...
Positive growth sentiment returns
After the bumpy ‘hangover’ start and the volatile two weeks that followed, it looks like investors are finding their feet again, slowly turning January into a far more positive month than many had expected following the very strong rally into the year-end....
Data vs Davos
This week, global capital markets resumed their volatile path of last year, as the positive sentiment, driven by expectations of an imminent and significant onset of rate cuts, began to wane somewhat. The combination of a distinct slowing in the downward trajectory...
A bumpy upwards path ahead
Every hangover comes to an end and the equity market’s malaise lasted no longer than usual. After refusing to get out of bed last week, this week the markets decided to go to work. Europe recovered last week’s losses while US indices...
After the party, the hangover
The first week of January feeling is eerily reminiscent of one year ago: strikes, endless rain and then everything else that causes the usual January blues. Yet investors in diversified global investment portfolios will get a positive surprise when they look at...
Central bank elves boost 2023 Santa rally
The full edition of the this Tatton Weekly presents our outlook for 2024, which we compiled over the past two weeks, which can be downloaded from the Adviser Resources page on this website. Inevitably, much of what we write depends on the...
Monday digest
Overview: Commodities send a soggy signalAfter a gangbusters November for global capital markets, December is also currently on a positive track with trading volumes higher than November’s averages generally, suggesting quite a bit of capital is being put to work by investors....
A bit of a downer
We review November’s cheery asset performance below. Early December is also currently on a positive track and trading volumes have been higher than November’s averages generally, suggesting quite a bit of capital is being put to work by investors. Global bond yields...
Monday digest
Overview: December brings a price shock reversalExpectations are growing for Eurozone rate cuts in time for Easter. Speculation intensified followed the release of provisional European inflation data for November that surprised on the low side for the third month running. Overall consumer...
Price shock reversal
November brought investors the opposite of October and turned most portfolio returns into positive mid-single-digit numbers for the year. As we have written here over the past weeks, the distinct turn in sentiment that drove markets in November was, once again, mostly...
Tatton Teaser
Type-2 diabetes and obesity ‘GLP-1’ drugs Ozempic and Wegovy have been hailed as breakthrough treatments. They work by mimicking the hormone released after eating which increases insulin production, reducing appetite and ultimately making patients feel fuller. The health benefits of combating obesity...
US economy slows to our pace
November remains a positive month in capital markets, although equities had a neutral week and longer bond prices have fallen back. UK government bonds (Gilts) have been the best performing bond market in the past few weeks, but the tax cuts announced...