While there was no let up in eventful news headlines, August was noticeably calmer than much of 2026, with markets enjoying a brief period of respite after a year dominated by geopolitical tension, Al euphoria and volatility across bonds and equities. That calm will have been particularly welcomed by investors
The MSCI All Country World Index (ACWI) recorded a 0.00% return in July but investors would be forgiven forthinking that it had been a quiet month. Korean stocks shed almost one quarter of their value, the Philadelphia Semiconductor one fifth and global momentum stocks almost one tenth. But positive stories
The 10% year to date return from global equities masks the best quarterly performance since Q4 2020 when 'Vaccine Monday' provided a financial adrenaline shot to markets. Indeed, the 13.8% return would be welcome in any calendar year, let alone over a three-month period. Clearly, the about-turn exercised by risk
If the old adage of 'sell in May and go away' is to hold in 2026, then it really needs to say 'sell at the end of May' because equities posted another bumper month of returns. Animal spirits are alive and kicking and IPO fervour is keeping risk assets on
After a challenging first quarter, markets roared back to life in April as the punctuated ceasefire and US-Iranian dialogue saw animal spirits take hold and risk markets rally strongly. The geopolitical narrative gave way once again to the powerful tech and AI theme that has powered global markets for much
By anyone’s standards the first three months of 2026 have been an extraordinary roller coaster of geopolitical posturing and market volatility. For all the headlines, one might be surprised that global equities were ‘only’ down 3.5% for the period, and US treasuries were flat. Were you not looking under the
Two months in, two regimes decapitated. With ten calendar months remaining for 2026 one wonders if there aren’t a few leaders of some questionable regimes mulling over their options right now. It’s not possible to reflect on February without jumping straight to the last day of the month which saw
The new year brought little in the way of new order as on 3rd January President Trump launched US strikes in Venezuela that culminated in the capture of Nicolás Maduro and the abrupt disruption of the Bolivarian leadership. At the time this was huge news, albeit not very impactful on
Following one of the sharpest two-day falls on record triggered by President Trump’s ‘Liberation Day’ tariff shock in early April, which left the S&P 500 index down by over 15% from the beginning of 2025, few would have predicted that by year end the bull market that began in October