DIVERGENCE: Oil equities have been resilient to falling oil prices, given their cheap valuations and with current prices still well over four times the average production cost....

CONGRESS: The five-yearly Communist Party Congress starts October 16. This 20th Congress is set to give President Xi an unprecedented third term and lay out their future policy...

WINTER: It’s been a terrible year for new stock market listings and their performance as equities plunged into a bear market. The number of US IPOs is down 80% (see chart) this...

RECESSION: The UK and Eurozone are set for a recession later this year, with the Bank of England and ECB leading a drumbeat of downbeat forecasts. The only question is how big it...

REALITIES: The world has seen common covid and energy inflation shocks. But the level and drivers of inflation still differ a lot (see chart). This has big implications for...

WEATHER: The weather gods are set to keep having an outsize impact on capital markets. The La Niña weather phenomenon is now forecast for a third straight northern hemisphere...

SAVINGS: We hear a lot about the economic and jobs costs to hiking interest rates. But a benefit is the higher interest rate on savings. Especially welcome in regions, like...

RELIEF?: A big month for Europe’s politics just got even bigger. The old continent has a new Conservative UK prime minister, this weekend’s too-close-to-call Swedish election, and...

LAGGARDS: The broad Bloomberg commodity index is up 23% the past year. Along with cash it’s the only positive asset class. The post-covid demand rebound and a decade of supply...

INDICES: September and March are key months for change to the world' biggest equity indices. These rebalancing's have surged in importance with the huge growth of the passive...