Macro
The narrative shifted sharply in Q1, with ‘US exceptionalism’ being called into question. Tariff uncertainty contributed to a deterioration in economic data. Gross Domestic Product (GDP) growth data for…
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Overview
March saw Trump continue to give mixed Signals to the market on tariffs and news that sensitive military operations had been leaked to the press through the equivalent of…
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Overview
February was a month to forget for US market participants. Whilst President Trump’s first term was a positive one for markets, like many sequels, Trump 2.0 has been disappointing…
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World Market Summary
The main event in January was Trump’s return to the White House, but his welcome was short-lived as DeepSeek tested the narrative of US exceptionalism. The Chinese…
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Macro
In Q4, markets were at the mercy of the ubiquitous political uncertainty, but we remained focused and grounded by macro data and company fundamentals. The US economy continued to…
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World Market Summary
December is typically a mixed month for market performance and 2024 was no different, but the notorious ‘Santa rally’ failed to materialise. Bond yields rose and stocks…
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World Market Summary
In fitting fashion, firework season went off with a bang as Donald Trump resoundingly saw off Kamala Harris to secure his second term in office. In doing,…
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World Market Summary
October was most notably characterised by a spooked bond market, with the fear gauge soaring as Halloween neared. The cause was a broad-based bond sell-off ahead of…
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Macro
Quarter three has been encapsulated by slowing global economic data with all of the US, China and Europe participating. Even the UK, which had been experiencing the best momentum…
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World Market Summary
The Federal Reserve commenced its interest rate cutting cycle with a pre-emptive 0.5% move after declaring its war on inflation over, whilst the real wars in Europe…
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