Global investors became more optimistic following energy-market stabilisation, but geopolitical and climate-related risks remain elevated. The major concern for investors shifted to growth: weaker US employment data, soft consumer conditions in the UK, and uneven global demand raised questions about the strength of the second-half recovery. Download PDF
The dominant global financial theme was the tension between growth ambitions and fiscal constraints. Markets focused on AI-driven investment, government spending priorities, trade and industrial policy, and central-bank outlooks, while political developments in the UK, US, Europe, and China increasingly influenced. Download PDF
The dominant global market driver was the sharp reversal in energy prices following Middle East de-escalation, improving risk sentiment while leaving long-term geopolitical uncertainty unresolved. Download PDF
Despite severe geopolitical conflicts in Ukraine and the Middle East, alongside viral outbreaks, global equity markets defied the "sell in May" adage to hit new record highs in May 2026, driven by an insatiable appetite for semiconductor stocks and fervor surrounding upcoming tech IPOs like SpaceX and OpenAI. This powerful
Global markets were driven by geopolitical de-escalation in the Middle East, persistent inflation and rate uncertainty, and accelerating fragmentation in trade and monetary policy across major economies. Download PDF
Global markets were primarily driven by geopolitics rather than macroeconomic data, with energy security becoming the key determinant of inflation and growth expectations. Download PDF
April 2026 felt surprisingly constructive for global financial markets. Equities rallied as investors rotated back into AI-linked growth stocks, with semiconductor-heavy Asian markets especially strong. At the same time, Middle East tensions kept energy prices elevated, sustaining worries about inflation and complicating the outlook for central banks. Bonds were mixed:
The defining global macro theme was the inflationary energy shock caused by geopolitical tensions, which delayed expected monetary easing across many major economies. Download PDF
Surging oil prices, shipping disruption, and renewed inflation fears set the tone for equities, bonds, currencies, and global rate expectations. Download PDF