The correction continues

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Global equities ended last week on a negative note and were down around 4.5% from their all-time high in early September. This morning, European markets have fallen back a further 3%. The initial catalyst for the correction was a sharp run-up in the mega cap tech names which had left them looking extended and ripe for some profit taking. The … Read More

FANMAG+T?

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 Last week was very much a week of two halves for equity markets. Global equities saw gains early on and by mid-week were brushing their all-time high in February. But markets fell back around 3% at the back end of the week, with global stocks ending the week down 0.5-1%. The driving force behind these gyrations were the tech … Read More

Polar opposites – Tech and the UK

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Global equities edged higher last week with no great enthusiasm, as indeed did US equities which inched above their all-time high in February. Beneath the surface, however, the week was rather more eventful. Technology stocks outperformed with a gain of 2.5%, led by the megacap FAANGs (Facebook, Apple, Amazon, Netflix & Google) which were up close to 8%. UK equities, … Read More

Bottom of the class

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Global equities had another good week, gaining another 1% or so. In local currency terms, even if not yet in sterling terms, equity prices are now back to where they were at the start of the year. US equities have fared even better and are now up close to 6% year-to-date and are re-testing their February highs. Markets have taken … Read More

Tech still rules the waves

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Last week was a choppy one for equity markets, with global equities ending the week little changed in local currency terms. A strengthening in the pound to $1.31, however, left markets down 2.0% in sterling terms. Second quarter GDP numbers for the US and Europe confirmed the extent of the collapse in activity caused by the lockdowns. US GDP contracted … Read More

All that glitters…

  Last week was really a week of two halves as far as equity markets were concerned, with initial gains subsequently reversed, leaving markets down a little over the week as a whole. A further escalation of tensions between China and the US, with the tit-for-tat embassy closure, was the most obvious reason for the change in market tone. But … Read More

Choppy times ahead

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Equity markets continued their upward trend last week, with global equities gaining 1.2% in local currency terms. Beneath the surface, however, the recovery has been a choppy affair of late. China and the technology sector, the big outperformers year-to-date, retreated last week whereas the UK and Europe, the laggards so far this year, led the gains. As for US equities, … Read More

Tailwinds for Thematic Investing

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  Global equities gained 3% last week, more than reversing their decline the previous week, and have opened higher today. Markets continue to take heart from signs of a rebound in economic activity. Manufacturing confidence and employment in the US both posted unexpectedly large gains in June. Meanwhile here in the UK, the Bank of England’s chief economist stated that … Read More

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