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

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.