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

Earnings to the Rescure

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Global equities last week resumed their upward trend, regaining their losses of the previous week with a 1-1.5% gain. The positive mood was no doubt bolstered by President Biden’s inauguration, which passed off without incident and heralds a rather more predictable style of government which many will be craving following the traumas of the last year. Another large fiscal stimulus … Read More

Biden Bonanza

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Global equities slipped back 1% last week, reversing some of their recent gains. UK equities also gave back some of the previous week’s outperformance. Both moves, however, pale into insignificance compared to those seen in recent months. The US was once again the focus of attention. And once again the market’s focus was rather different from the news headlines which … Read More

Bubble, Bubble, Toil and Trouble

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Equity markets have started the year in bullish mode with global equities rising a strong 2.7% in local currency terms last week. These latest gains were very much driven by developments in the US. The news headlines may have been dominated by the storming of Capitol Hill by protesters. But for the markets, this was a mere footnote to the … Read More

Darkest Before The Dawn

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Equity markets ended last year on a bullish note and this optimism has carried through to the start of the new year. Global equities gained 1.3% in local currency terms in the last week of 2020 and European and UK markets are up another 1.5-2% this morning. Two events have help buoy sentiment over the last couple of weeks. First, … Read More

Merry Christmas and a not so Happy New Tier

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I have spent much of this year in this commentary discussing ad nauseam two topics – Covid and Brexit – and unfortunately we need to end the year focusing on these very two same subjects. I am – but really shouldn’t be by now – surprised that yet another ‘final’ Brexit deadline has come and gone with no agreement reached, … Read More

Groundhog Day

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Global equities did their best last week to ignore the trials and tribulations of the Brexit negotiations, ending the week down a modest 0.5%. It was rather harder for UK assets to ignore the steady drift towards a No Deal but even there the reaction was rather muted. The pound fell 1.5-2% against the dollar and euro, to $1.32 and … Read More

Deal, No Deal or no big deal

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The upward march of equity markets continued last week with global equities gaining another 1.2% in local currency terms. However, there was considerable divergence between markets. The UK resumed its recent strong run gaining 3.0% while emerging markets were down slightly on the week. The UK’s gains occurred despite the Brexit talks going down to the wire and it still … Read More