Earnings are Key

Equity markets recovered further last week with global equities rising 1.8% in sterling terms, helped in part by the pound falling back below $1.30. These gains leave global equities down all of 1% below last year’s high and in the case of the US they have actually been testing their previous high. By contrast, the UK and Europe are still … Read More

Turning a Bit Less Cautious

The rally in markets this year has basically been driven by three factors: the marked shift in Fed policy, the potential of a US-China trade deal and hopes that the decline in global growth will soon bottom out.

Market Rebound is Looking Tired

The sharp rebound in equities seen this year is beginning to look a little tired and markets were little changed last week amidst a downbeat set of forecasts from the IMF. While the IMF cuts its global growth forecast for 2019 and warned of downside risks, it is still projecting but with little conviction some recovery in growth 2020 – … Read More

Looking on the Bright Side

Equity markets continued their upward march last week and global equities are now only a modest 2% or so below their highs last year. The US market has led the recovery and is only 1.5% off its previous high. Other regions have rebounded rather less with the UK and Europe still some 6% below previous highs in sterling terms, emerging … Read More

Spring is in the Air

Equity markets ended March on a positive note and global equities returned a strong 12.3% in local currency terms over the first quarter as a whole. In sterling terms, the return was slightly lower at 9.6%.