Market Update – September 2022
Summary Equities sharply lower in September. Bonds resume their fall. Higher levels of volatility in UK assets. Both equities and bonds suffered through September as volatility rose again. US inflation and jobs data were both hotter than expected, meaning investors immediately began to price in a more hawkish monetary policy scenario, which negatively impacted […]
Market Update – August 2022
Summary Equities mixed in August. Pound continues to weaken. Bonds resume their fall. After musing last month as to whether July’s positivity was a ‘relief bounce’ rather than the beginning of a sustained recovery, August’s price action provided little evidence to confirm the latter at the expense of the former. Equity markets held steady […]
Market Update – July 2022
Summary Equities generally stronger through July. Asian and EM equities fall on China worries. Risks remain around inflation. Equity markets furnished investors with some better news through July as we saw a concerted recovery most notably in those developed markets that had previously struggled in 2022. As the first chart below shows, the tech heavy […]
Market Update – June 2022
Summary Equities generally weaker through June. Developed market government bonds fall again. Central bank hawkishness set to continue. Equity and bond returns swung back into negative territory through June as uncertainty around Ukraine continued to weigh on sentiment. In addition, investors voiced increasing concerns around rapidly tightening global monetary policy, high inflation and historic lows […]
Market Update – May 2022
Summary Equities generally weaker through May. Some signs of life in bonds, though Gilts fall. Central bank hawkishness set to continue. Equity and bond returns were muted again through May as uncertainty around Ukraine and Chinese Covid lockdowns were the predominant narrative drivers. The first chart below shows global equity indices over the month in […]
Market Update – April 2022
Summary Equities weaker through April. Bonds continue to fall. Persistent uncertainty will breed higher volatility. Both equities and bonds were weaker in April as the conflict in eastern Europe, Chinese lockdowns and the prospect of tighter monetary policy weighed heavily on investor sentiment. As the first chart below shows, only the large-cap, value-biased FTSE 100 […]
Market Update – March 2022
Summary Vladimir Putin’s invasion of Ukraine continues. Equities exhibit some strength, bonds fall. Persistent uncertainty will breed higher volatility. News flow from Ukraine stabilised during the latter half of March, though the situation remains troubling. Fighting continues around the major cities with reports of extreme brutality emerging on a daily basis, and while negotiations between […]
Market Update – February 2022
Summary Vladimir Putin’s invasion of Ukraine dominates narrative. Equities fall in value, safe havens rise. Persistent uncertainty will breed higher volatility. February was dominated by news of Vladimir Putin’s deranged invasion of Ukraine. As we previously wrote, Russian forces attacked cities across the country overnight on 24th February, with little let up in fighting since. […]
Market Update – Russia/Ukraine
Summary Russian forces attacked cities across Ukraine overnight (23rd/24th February) after President Vladimir Putin ordered a ‘special military operation’ to support separatists in the Donbas region of Ukraine. Moscow confirmed that it is targeting military facilities in an attempt to demilitarise Ukraine, with reports of conflict in the capital, Kyiv. The situation is extremely fluid, […]
Market Update – January 2022
Summary Bonds and equities fall in January. UK outperforms. Volatility likely to persist. After a strong end to 2021, both equities and bonds had a tough start to 2022, with negative returns driven by a confluence of higher energy prices, inflation worries and hawkish central bank rhetoric. As the first chart below shows, global equity […]