A dose of reality

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Global equities fell back 2% last week, reversing their gains of the previous week and continuing the choppy pattern seen over the last month. The key to the market’s direction at the moment is the strength of the economic recovery underway now that lockdowns have been relaxed. Business confidence has improved markedly in the last couple of months, with the … Read More

Fast and furious

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Global equities saw strong gains last week. Markets gained as much as 5.5% in local currency terms, although the increase was a rather smaller 3.0% in sterling terms as the pound strengthened against a weak dollar to $1.27. The strong performance was down to the market’s growing belief in a V-shaped economic recovery which was fuelled by two main developments: … Read More

The sun is still shining

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Equity markets moved higher last week, breaking out of the trading range of the last month, with global equities gaining 3.2% in local currency terms. Markets have now recovered close to two thirds of their losses. The latest increases come on the back of lockdowns being relaxed in many countries, some semblance of normal life beginning to return and as … Read More

Only looking on the bright side

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Equities last week recovered their losses of the previous week. There was a lot of news out, and it is fair to say that the market looked on with rose-tinted glasses. Lockdowns are now in the process of being relaxed, both here in the UK and across much of Europe, which is clearly good news. But the relaxations are very … Read More

A Correction was Overdue

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Last week was very much a week of two halves for equities. It started on a strong note but markets fell back towards week-end and are down again today. The initial gains were driven both by the tentative easing in lockdowns now underway in much of Europe and some states in the US and encouraging drug news. A new trial … Read More

A Tug of War

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Equities fell back a little last week, following the sharp rebound seen over the previous month, though have opened higher today. Markets have been pulled in opposite directions this year by two extremely powerful opposing forces. Their prospects going forward basically depend on how this tug of war plays out.

Taking Stock

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Global equities last week posted further gains of around 2% and are now up close to 25% from their lows having recovered half their losses. The rebound has been the fastest ever from a bear market, with the gains taking less than a month, just as the sell-off itself occurred at record speed. The sharp rebound is rather at odds … Read More

Markets have got ahead of themselves

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The rebound in equity markets resumed in force last week. Global equities gained as much as 10% in local currency terms and as of Friday were up 21% from their March low. The US has led the rebound and has risen 25% from its low point. The recovery in UK stocks has been a more moderate 17%, aside from the … Read More

Panic in the air

Equity markets are down sharply this morning, following a volatile few days last week. At the time of writing, UK equities are down some 6% from Friday’s close, and are now in official bear market territory, having fallen 20% from their highs earlier in the year. The sharp rise in coronavirus cases outside China is clearly the main factor behind … Read More