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Markets continued their upward trajectory in March, again led by Nvidia (NVDA) which rose 84% during the first quarter. Last year markets were driven by the movements in Treasury yields, this year by Nvidia. Powering a new era of computing, NVIDIA last month announced their development of the Blackwell chip which “features six transformative technologies…

Warren Buffett in his annual letter to shareholders has warned of how current day market participants “are neither more emotionally stable nor better taught” than when he started his career. He writes that he sees always opportunities to invest in quality companies with strong cashflow, economic moats and good management but sometimes investors have to…

In a month where the FTSE100 fell 1%, the FTSE250 fell 1.5% and the London AIM market fell 1.1%, all the action, as is usual, was in the US. The last two weeks were about US company earnings for the fourth quarter. January turned on its head the idea that US interest rates would be…

The S&P500 index rose 24% in 2023 but was up 18% since the last week of October. It is up 158% over the last 10 years. 2022 and 2023 until the end of October were tough years to be in the markets but then suddenly they ignited, emphasising the importance of staying invested over the…

The banking crisis arising out of the failure of Silicon Valley Bank and Credit Suisse led in March to the fifth highest outflow on record of investor money in equities as concerns another 2008 banking crisis was around the next corner. Placatory noises that SVB and CS were isolated cases have for the moment assuaged…

For the second time in two years, discussion of global investment markets and investment strategy seems totally inappropriate when there is a threat to civilisation.  Nevertheless, markets are reacting to the world’s condemnation of Russia’s actions.

It is oft quoted that January is a good indicator of the way the rest of the year will go for stock investors. Let’s hope so. Since 1950, when January has been positive for US stocks, 86% of the time the rest of the year has seen a positive return with an average gain of…

The turn of the year is a turn of the page for most. A turn of the year into 2023 for the markets is likely to give more of the same as 2022, at least for a while. The landscape has dramatically changed from the easy-money one of 2021 when the Federal Reserve was ‘lower for…

November 17th won’t go down in anyone’s diary as a date to remember unless they’re lucky enough to have a birthday to take their mind off the hammer blows that UK Chancellor Jeremy Hunt dealt to ‘alarm-clock Britain’. Much of the UK’s lenient tax regime went out the window as tax and investment planning tools (capital…

There was a sharp rebound in stocks last month, as US corporate earnings announcements in respect of the third quarter have showed signs of resilience to hardening economic conditions. Bond prices fell (and yields rose) as market participants decided defensive bond purchases were becoming overdone. Money rotated into equites, driving the S&P500 up 5% in the…

UK Prime Minister Liz Truss had barely moved into Downing Street before her new Chancellor’s ‘fiscal event’ dropped a jaw- dropping bombshell in the UK’s political spectrum, and received derision from international markets. The UK’s Conservative party has been in power for 12 years and has had four Prime Ministers: Cameron, May, Johnson and now Truss….

More pain to come for equity investors – at least in the short term.  While the UK’s FTSE100 headline index bumbled along in August, volatility returned to the S&P500 in the US. The benchmark index between mid-June and mid-August managed to recover 50% of the stockmarket fall which began on January 5th and sent stocks tumbling…

After a first half-year which was the worst for equity markets in the US since 1970, markets rallied off June lows as second quarter corporate earnings beat expectations (Netflix and SNAP were notable exceptions) and finished the month strongly following far better than feared announcements from Amazon and Apple. Positive trade was helped by the lead…

With the US Nasdaq technology index having fallen 28% from its high on January 4th, it and other equity indices rebounded from their downward spiral during the penultimate week of May on the expectation, rather than the hope, that inflation is peaking, and that the Federal Reserve is on top it. The belief is that the…

March closed on a note of optimism for equity market investors but April’s stockmarket performance was full of pain, especially for those exposed to the technology, transportation and emerging market (notably China) sectors. Since 1996, April has statistically been the best month for developed market investment returns, followed by July. There is no real rhyme or…

From being heavily oversold in late February, equity markets rebounded strongly in the last two weeks of March as a combination among investors of a fear of missing out (FOMO), buy the dip, and some careful optimism that Putin might seek a way out of continuing the war in Ukraine, all brought to bear in…

For the second time in two years, discussion of global investment markets and investment strategy seems totally inappropriate when there is a threat to civilisation.  Nevertheless, markets are reacting to the world’s condemnation of Russia’s actions

Equities around the world continued the bull run in 2021 which started amid the pandemic in March 2020. It turned out to be the first year in 16 that the S&P500 outperformed the Dow and the Nasdaq. The 500 rose 27%, the Nasdaq rose 22% and the Dow 18%. France’s CAC40 was the surprise star performer…

The pandemic has resulted in many people losing their jobs, and those worst affected by a ratio of 57.5% to 42.5%, are women, according to a survey last week in the US. The task of having to look after an elderly relative and / or young children usually falls on women. This undoubtedly has much to…

Largely unnoticed the dollar has gained strength steadily. It is now at it highest level of the year, up 5% since the lows of May, supported by a sell-off in both bonds and equities as quantitative easing (QE) begins its unwinding in the US.As investors have returned from Summer holidays, September, which is historically a…

Chinese technology stocks, pummelled during July and the early part of August, rebounded during the second half of the month as buyers came in to snap up shares which had been subject to overreactive selling in the wake of a crackdown by the authorities seeking to ensure there is no monopolistic behaviour among the major…

Does China really want to go to war with the West? Right now, it feels like it, not in the military sense but from an economic point of view.  China does not want the West muscling in on its ambitions to take over democratic Taiwan, nor does it want to be told how to treat…

Over the last 12 months there has been a greater understanding of the word ‘vulnerability’ and how it relates to individuals and businesses.  An individual can be vulnerable to making incorrect decisions in their day to day affairs because of an aspect of their health, because they have suffered bereavement, because they have lost their…

Equity markets went off the boil for the first three weeks in May, continuing a lacklustre second half of April, but they finished the month with something of a mini-crescendo. European stocks completed their fourth consecutive month of gains, indeed the German, French, Spanish, Italian and British indices all finished higher for the month. Chinese…

Does the US stockmarket have a feeling of exhaustion? Maybe it is rather pausing for breath after what has been a remarkable run since March last year.US stocks reported record earnings from the first quarter, and although the SP500 and the Nasdaq reached new highs, volatility is negligible (less than 20 on the VIX). The…

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