Market Update – March 2025
Summary March 2025 brought significant volatility across global markets, shaped by intensifying trade tensions, divergent central bank policies, and mounting recession concerns. Investor sentiment deteriorated as the US administration dramatically expanded tariffs targeting multiple trading partners, while fiscal developments in Europe and the UK highlighted contrasting approaches to economic challenges. The combination of increasing protectionism, […]
Market Update – February
Summary February was another month of shifting dynamics in global markets, shaped by a mix of trade tensions, geopolitical uncertainty, and evolving policy expectations. Investor sentiment remained cautious as fresh U.S. tariffs targeted China, Canada, and Mexico, while diplomatic and political developments added to the complexity of the broader macroeconomic landscape. Equity markets navigated these […]
Market Update – January 2025
Summary Equity markets start the year well, led by Europe and the UK DeepSeek and Trump tariff policy causes volatility in US equities Broad strength across bond markets, ECB cuts rates and Fed holds Global equity markets started the year on a positive note, recovering from the headwinds experienced towards the end of 2024. European […]
Market Update – December 2024
Summary A repricing of bond yields hurt markets through December However, 2024 in the round was an excellent year for risk assets U.S. markets outperformed, dominated by mega cap technology stocks Bond and equity markets fell through December, with the MSCI ACWI closing the month down -1.7%, in sterling terms, while the Bloomberg Global Aggregate […]
Market Update – November 2024
Summary US equities outperform post-election Trump cabinet nominations move markets Tariffs are most impactful policy decision point November was a month of profound shifts in financial markets and geopolitics, with the U.S. presidential election at the centre of attention. The election results, policy expectations, and macroeconomic conditions have created a ripple effect across markets, marking […]
Market Update – October 2024
Summary Volatile currency fluctuations mark October In pound terms, US equities strongly outperform UK budget is not well received by the market October was a month marked by a series of dynamic and complex developments across global financial markets, with a mix of economic data surprises and political uncertainty creating a multifaceted narrative. In local […]
Market Update – September 2024
Summary Asian and Emerging Market equities outperform, led by China Positive returns for bonds across most major markets Federal Reserve cuts US rates by 0.5% September was a busy month for markets, driven by decisions made by major central banks, the Chinese Government announcing a major stimulus package, and a new Prime Minister in Japan. […]
Market Update – August 2024
Summary Equity markets rebound following early month losses Bonds more positive, with credit outperforming Weakening US growth data fuel expectations of interest rate cuts Despite the volatile start to the month, in the round, August turned out to be a relatively positive period for global markets. As noted in last month’s summary, the first week […]
Market Update – July 2024
Summary Equity markets mixed through July Bonds more positive in the round High levels of volatility seen at the end of the month While July’s market returns were somewhat overshadowed by the extreme market volatility that occurred towards the end of the month and into August, we saw some interesting narratives developing through the month […]
Market Update – June 2024
Summary Equity markets mixed through June Bonds more positive in the round Smaller companies perform poorly Election volatility set to continue As the first chart below shows, June saw another very strong month for US growth stocks, proxied by the NASDAQ (pink line), which rose by 6.7%, while broad US stocks in green were also […]