TECH: Big-tech stocks have driven all before them this year. The NASDAQ is up 24% and S&P 500 10%. Whilst the equal-weight S&P 500 index and closely followed, but...

BONDS: US government two- and three-year bond yields are now at quadruple their post global financial crisis average and well above the long-term average (see chart). Bonds are...

WORRY: Angst over the UK’s lagging economic performance and its weakening place in the global capital markets is running high. But capital markets are not economies, and UK assets...

COMPLACENT: The US government’s ‘checking account’ is approaching critical levels (see chart). A deal to raise the $31.4 trillion debt ceiling is needed soon. It will ultimately...

RESILIENT: The US economy has dodged long standing calls for its slowdown and a recession so far. Consumers still have pandemic savings. Corporate profits been resilient. PMI's at...

ANOMALY: S&P 500 and Europe’ Stoxx 600 seen a very low volume May so far. With Japan’s Nikkei 225 a notable exception. This has confounded market skeptics, as it has come...

HELP: Lower long-term US government bond yields have been a big help for equities this year. They have boosted the present-value-of-future-cashflows and pushed stock valuations...

SUPPORT: Consumption dominates the US economy, at 2/3 of GDP, and its resilience the biggest reason it’s not in recession. The good news is consumers still have significant...

HEALTHCARE: S&P 500’s second largest sector is down this year, held back by ‘big pharma’ after its large 2022 outperformance. The Inflation Reduction Act hastened pricing...

El NINO: There is now an estimated 90% chance of an El Niño weather phenomenon later this year. This could bring further supply disruption to volatile global agricultural and...