Time to Spend?

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Global equities have had a strong couple of weeks, with markets gaining a further 1.8% in local currency terms and 2.8% in sterling terms over the past week. Year to-date, they are now up as much as 9.3% and 7.7% in local and sterling terms respectively. At the start of the month, this buoyant mood seemed in sync with the … Read More

Spring has Sprung

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Global equities gained around 0.5-1.0% last week and are back within spitting distance of their mid-February highs. Markets have also opened higher this morning, shrugging off the news of the collapse of a US hedge fund which will lead to significant losses at Credit Suisse and Nomura. Rather than being seen as a canary in the coalmine, and a sign … Read More

Spot the Dot

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Equity markets slipped back a little last week following their recovery over the previous two weeks. But it is government bonds, rather than equities, which remain the real focus of attention at the moment. If there is one variable market strategists are obsessing over at the moment, it is the 10-year US Treasury yield. It rose further last week to … Read More

Time to be Small

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Equity markets recovered some of their mojo last week. Global equities gained 2.0%-2.5% in sterling and local currency terms respectively and are now only 0.5%-1.0% below their mid-February peak. In the US, a number of equity indices have touched new all-time highs in recent days. The S&P 500, which is the benchmark generally used by professional investors and measures the … Read More

Boom Time

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Global equities had quite a volatile week but ended it up around 1%. This gain reversed some of their losses the previous week and leaves them down some 3% from their highs in mid-February. The main story at the moment for equities is not so much the movement in global markets overall but the moves beneath the surface. Most notably, … Read More

Storm in an Equity Teacup

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Bond markets were once again the centre of attention last week, with government bond yields continuing their upward climb. 10-year yields in the UK and US rose another 0.10%-0.15% to end the week at 0.86% and 1.45% respectively. UK gilt yields have now risen 0.62% since the start of the year or, to put it in more sensationalist (but less … Read More

Bonding with Equities

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Global equities slipped back last week, retreating 1.5% in sterling terms, and have also opened lower this morning. These declines, however, follow two weeks of strong gains and are nothing noteworthy. Of rather more note, last Friday was exactly one year on from when equity markets hit their pre-Covid high. Remarkably, global equities are now up 10.5% in sterling terms … Read More

Vaccinating against Bubbles

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Global equities posted further gains last week and are now comfortably above their highs prior to the mini-correction seen a couple of weeks ago. In local currency terms, equity markets ended the week 1.5% higher and are now up 5.9% year-to-date. There was no specific news to drive markets higher last week. Rather, they continued to benefit from the very … Read More

V is for?

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Global equities bounced strongly last week, gaining a sizeable 4.4% in local currency terms and more than reversing their losses the previous week. Equity markets ended the week at new highs and have opened higher today. The market correction ended up lasting no more than a week. So too did the surge in GameStock which has fallen back as fast … Read More

Power in Numbers

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Global equities fell back 3.5-4% last week, leaving them down slightly year-to-date, although they have recovered some of these losses today. It was a busy week for financial news but the press was very much dominated by just two stories – the vaccine row in Europe and GameStop. The EU Commission’s desperate and ill-fated attempt to address the vaccine shortfall … Read More