Lockdown 2.0

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Global equities took a tumble last week, losing 5.0% in local currency terms. This left markets down some 7% from their early September high but still leaves them up some 40% from their March low. The reason for the sell-off is not hard to fathom, namely the surge in infections in the UK and Europe and the new lockdowns announced … Read More

Deal or No Deal

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Global equities overall ended last week little changed but this concealed significant differences in performance between regions. Chinese stocks rose 2.6% in sterling terms while the US gained 0.7% and the UK declined 1.5%. This continues a trend very much in evidence already this year – China is up 25% year-to-date while the US up 12% and the UK is … Read More

Bouncing back

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Last week was a surprisingly good week for equity markets. Global equities gained as much as 3.4% in local currency terms and have now recovered the bulk of their losses in the recent correction. The latest gains at first sight are puzzling given the shenanigans going on in the White House. Of course, it is possible that markets may simply … Read More

All about POTUS…or not

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We warned recently that equity markets were entering choppy waters and last week’s developments can only add to the turbulence. Equities had started to recover some of their losses in the recent correction but the first of the US Presidential debates and then the news of Trump testing positive for Covid swiftly took centre stage. Equities fell back on Friday … Read More

Choppy Waters

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Equity markets had another choppy week, falling for most of it before recovering some of their losses on Friday and posting further gains this morning. At their low point last week, global equities were down some 7% from their high in early September. US equities were down close to 10%, hurt by the large weighting to the tech giants which … Read More

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