MESSAGES: Commodity markets have been on a roller-coaster ride all this year. The broad Bloomberg commodity index fell 15% from its June high. But it is still by far the best...

DIVERGENCE: Many ‘work-from-home’ (WFH) pandemic stock beneficiaries, from Zoom (ZM) to Twilio (TWLO), have cratered under the pressure of the post-pandemic return-to-work trend...

NOWHERE TO HIDE: Only the US dollar and bitcoin rose last quarter, of major assets. This continued sell off in both bonds and equities, the two biggest and most traded liquid...

PORT IN STORM: Equities of the most economically sensitive US sectors, from financials to consumer discretionary, have lagged traditional defensives, like healthcare and staples,...

FEARS: Market uncertainty is running high, but just how much? Geopolitical fears have eased from the spike around Russia’s Ukraine invasion (see chart). But been replaced by...

The global semiconductor shortage, which began during the early stages of the COVID-19 pandemic, has caused an enormous amount of supply chain disruption in recent years....

CHANGED TIMES: Time was when countries cut interest rates to weaken currencies and steal a growth march on others. This has now flipped. The 20% stronger US dollar DXY index this...

STORM: Equity markets hit new lows for this bear market, with recession risks in the driving seat. After the Fed set out a vision of ever ‘higher-for-longer’ interest rates to...

RECESSIONS: US recession risks were rising even before the latest FOMC meeting and ‘dot plot’ guidance made it all but inevitable. The NY Fed recession probability indicator is at...

STAGFLATION: UK has been in the eye-of-the-storm this year. With some of world’s highest inflation after triple-whammy of soaring energy costs, very tight jobs market, and...