Market Commentary – Q1 2026
“There are decades where nothing happens; and there are weeks where decades happen.” A quarter that reshaped market assumptions on growth, inflation, and risk A phrase often attributed to Vladimir Lenin, it captures the pace at which market regimes can shift. The first quarter of 2026 offered a clear illustration of this dynamic. What began […]
Market Commentary – Q4 2025
Another Year Over and a New One Just Begun A reflective view of global markets in 2025 – and what Sterling-based investors should take into 2026 As John Lennon once sang, the close of a year invites reflection and hope – a fitting sentiment for markets in 2025. It was a year of resilience and […]
Market Commentary – Q3 2025
The calm before the storm? After a turbulent second quarter of 2025, the third quarter was its antithesis: financial markets were broadly stable, optimistic, and provided good returns for investors across asset classes. The global economy continued to tread a fine line between resilience and slowdown, as policymakers, investors and businesses awaited clarity on the […]
Market Commentary – Q2 2025
Conflict seemed to define the second quarter of 2025. US president Donald Trump waged a tariff war with many of the US’ largest trading partners. Israel and Iran traded missile strikes on one other’s territory, all the while the war in Ukraine rumbled on. At the beginning of the quarter, markets were rocked by ‘Liberation […]
Market Commentary – Q1 2025 – Capital at Risk
After a stellar 2024 for markets, especially in the US, the first quarter of 2025 was painful, not least for those susceptible to recency bias. US Inc. had been so resilient in the face of recession worries, persistent inflation, and the election of Donald Trump, displaying strong fundamentals and retaining the confidence of investors across […]
Market Commentary – Year End 2024 – Capital at Risk
A tale of two economies This time last year inflation was falling rapidly and most pundits confidently predicted that interest rates would follow suit. Markets were quick, too quick, to ride the wave of optimism, with some of the big brokers predicting five or six interest rate cuts from the 5.25-5.5% level last December. The […]
Market Commentary – October 2024 – Capital at Risk
US economy leads the way During the third quarter of 2024, central banks in the West took their foot off the monetary policy brake, marking the beginning of the end for the higher interest-rate environment that has persisted in the UK, US and Europe. Both the Bank of England and the European Central Bank reduced […]