Commodities on tear. The CRB commodity index is up 52%¹ in the past year (March 2021-March 2022). This makes physical commodities the best performing of all asset classes over...

MORE DISRUPTION: Ukraine crisis commodity supply fears and China covid lockdowns are rekindling supply chain chaos. 50% of neon for semiconductors come from Ukraine. China tech...

PROXIMITY HURTS: The closer currencies to Ukraine the more painful. Poland’ zloty (PLN) 3rd worst performer this year, -7% vs USD, behind Russian ruble (RUB) and Turkish lira...

AMAZON EXCEPTION: Amazon (AMZN) announced a 1:20 stock split, its first since 1999, and investors responded by bidding its stock up 5%. They follow other mega caps like Alphabet...

COMMON DENOMINATOR: The world’s best (or least bad) performing equity markets this year, from Brazil (EWZ) to UK (ISF.L), have one common denominator. A big commodity stock weight...

COMMODITIES: The broad Bloomberg commodity index (DJP) is up 23% the past month and 35% this year. The Russia crisis compounded an already tight commodity market and boosted...

STAGFLATION: The Ukraine crisis and spikes in economic uncertainty and commodities have rekindled ‘stagflation’ fears. Of a toxic combo of sharp economic slowdown and higher...

READ-ACROSS: The latest official analysis of who owns UK equities, the world’ no.3 market, has global lessons. With the growth of foreign ownership, now 56% of UK equities (see...

MISSES: A strong Q4 earnings season saw S&P 500 profits up 31% and Euro Stoxx600’ +67%, a key market support. But we also saw many high-profile misses and big stock falls....

GREEN LINING: Soaring geopolitical risks has driven a safe-haven rotation to USD, bonds, gold. Renewable equities have been a rare equity performer, a green ‘silver-lining’ to the...