Looking on the bright side

Global equities edged higher last week – at least in local currency if not sterling terms due to a move up in the pound – continuing the rally of the last couple of months.

Spring has come too early

Global equities continued their recovery last week and are now up close to 13% from their low in sterling terms although are still some 5% below their 2018 high.  In essence, this bounce is a result of an easing of the worries of an imminent recession which spooked the markets late last year. This in turn can really be put … Read More

The recovery has continued

The recovery from last year’s equity market falls has largely continued led by the US which has seen a remarkable bounce of some 17% from the lows.  The pause in interest rate rises was a significant factor behind this, and the falls were overdone and a rebound was appropriate.  The newsflow remains as mixed as ever and none of the … Read More

So where do we go from here?

So where do we go from here?  It’s a good question and one that has many investors scratching their heads.  On the one hand, we have no really bad news.  On the other, there is an increasingly distinct trend of weakening economic and corporate earnings data.  To those who have seen cycles come and go, the phrase ‘twas ever thus’ … Read More

Patience is a virtue

The recovery in equities from their December low continued last week. Markets took comfort from a number of factors but the most important was the latest musings from the US Fed whose new mantra is patience. And, as far as the markets are concerned, patience is definitely a virtue. Whereas all of two months ago, the Fed was talking of … Read More

Repositioning Continues

The bounce back in global equity markets seems to have paused.  But this comes after an 11% recovery from the lows before Christmas which translated into 7% in sterling terms.  It hasn’t been the recovery many expected with some of the riskier companies doing the best.  The ghastly ‘risk on’ phrase gets so over used but it does seem apt … Read More

Repositioning Portfolios

Global equities have not only recovered substantially from their lows last month but have now retraced half of their losses from the autumn of 2018.  The big question is, of course, where will they head now?  Our expectation is that they may move higher over the course of the year but, if they do, it won’t be by much and … Read More

A lot Going on in the World

As we noted earlier this week, there is, as always, a lot going on in the world.  And much of it directly affects the thinking of investors.  At such times, we find it especially important to take a step back from the ‘noise’ and take a rather more considered look at where we are, reflect on how we got here … Read More

Investors Remain Discombobulated

Equity markets had a better performance last week, but investors remain somewhat discombobulated.  As expected, the newsflow remains mixed.  Stories of weakened Chinese trade combine with disappointment over European data and political rumblings all over the place.  On the other hand, the strong US jobs numbers are being followed by expectations of a relatively robust opening to the earnings season.

Investors Feeling Pretty Rattled

Having started with a strong rally in equity markets, 2018 ended with almost all equity markets showing significant losses.  Why such a U-turn in sentiment?  Well, investors became increasingly worried about a slowdown in economic growth, coupled with tighter policy and the end of asset purchase programmes leading to weaker corporate profits.  They took money out of equities and moved … Read More