Future shock.

Trade talks between the U.S. and China appear to be providing some hope of a resolution after it was announced that the U.S. would pause some tariffs that were due to be implemented. Read More

All in a day.

Investors are worried that global growth may have peaked at a time when the 3 major central banks are either tightening or simply not purchasing bonds and liquidity is tightening. Read More

Catalyst for change.

The U.S. midterms may have proven to be a catalyst for change. Trump appears to have been spooked by the results. The barometer that he wishes to be judged by, the stockmarket, has slipped badly. Read More

Lines are drawn.

Investors are concerned that the Fed will continue to slowly hike rates at a time when prices are peaking. They will also have to contend with attention being directed towards the growing deficit. Read More

Lame duck.

Trump warned that if he did not win the Senate and the House, stocks would fall. Stocks had a nice rally and bonds were steady. Why? For everyone, the uncertainty of elections has been removed. Read More

Bargains galore.

2018 looks set to deliver the lowest share of positive returns across 17 asset classes since 2008. Investors will have wins in just two classes, cash & oil.  Treasuries & credit still remain green. Read More

Where to hide?

A record $83 bio of T notes and bonds will be issued and everyone is on a knife edge because we also have Trump talking about tariffs on, tariffs off. Read More


The stock rally over the past three days is the best for two years and all this encouragement and all this optimism stems from one little tweet from Trump claiming progress in trade negotiations. Read More

Bittersweet symphony.

For bonds, it was very much a risk on day. A somewhat bitter day. The long end was spooked by Treasury saying they would issue more LT debt this quarter in an attempt to steepen the yield curve. Read More

October Run-Out Sale.

Some $8tr have been wiped from equities globally this month. The cleansing looks likely to continue. The fear of a weaker economy is partly driving the downturn and so too earnings. Read More