News and Analysis

LONG HAUL: The China and HK stock rally has come off the boil. This is unsurprising after the dramatic c.60% October-January reopening rally, with local stocks now the ‘most...

HIGH-FOR-LONGER: European natural gas prices have plunged 85% since the summer. They are back to parity with Brent oil equivalent prices (see chart). This has delivered huge...

Will Matic win the Ethereum scaling race? Unfazed by US regulatory action, Bitcoin has climbed 10% to push against $25K. This double-digit rally beats the weekly returns of...

Summary Bond yield and sentiment supports easing We remain long term bullish markets with Oct. 2022 the likely low. But are turning tactically cautious the 3-month stock rebound...

EBBING: Very depressed investor sentiment has been an important contrarian support to equity markets. It has added fuel to the turn up in the fundamentals and resulting sharp...

CHANGE: Japan’s slow-moving but potentially momentous monetary policy pivot took another step forward. With the naming of academic Kazuo Ueda as replacement for long-standing Bank...

SURPRISE: Europe’s Stoxx 600 index is within 5% of its all-time high and is the best performing region this year. Some, like the UK’s FTSE 100 and France’s CAC 40, are already at...

BRACE: US inflation is the biggest number in markets. It’s driving the Fed rate cycle and macro and earnings recession risks. Plus the Fed ‘data dependent’ and markets looking for...

Could artificial intelligence drive the next bull market? Developments in artificial intelligence have driven a powerful rally for some altcoins over the past week, keeping the...

Summary Higher valuations drove the rally this year This year has been the opposite of last, as higher valuations offset weaker earnings. This valuation re-rating will not last...