Catalyst for change.

November 14, 2018 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.

Lines are drawn.

November 12, 2018 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.

Lame duck.

November 8, 2018 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.

Bargains galore.

November 6, 2018 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.

Where to hide?

November 5, 2018 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.

Memories.

November 2, 2018 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.

Bittersweet symphony.

October 31, 2018 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.

October Run-Out Sale.

October 29, 2018 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.

Sign says.

October 29, 2018 So what is driving market concerns? Earnings are high but can business carry on at the same pace? Perhaps it’s because Nirvana is ending and that Trump speak won’t get the markets higher.