A new era of big government and excessive public sector borrowing remain the pertinent risks for US and global equities. The slow grind in Treasuries continues, with 10-year yields up…
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One of our recent commentaries looked at the increased trend towards automation through robotics. The recovery in the labour market from the pandemic is likely to be slower in the…
A lively debate ensues with day-traders chasing popular household names, pushing the stock market up, claim sceptics. Not so, argue the bulls, who point out that US technology is helping…
Much of the vaccine focus is currently on existing, stage three trials (Moderna, Oxford University etc). But adenovirus-based vaccines have been shown to elicit strong immune responses. This is promising….
The payroll report for July was mixed. The recovery to full employment will be long, slow and arduous. The July Challenger layoff survey showed a rise in job cuts. Nevertheless,…
Big tech has delivered. Apple, Amazon, Facebook and Alphabet all announced very strong profit numbers last week. Regulatory scrutiny and the virus pandemic have failed to dent earnings. At the…
New home sales have ‘exploded’ back up to pre-pandemic levels. Mortgage rates have fallen yet again to record lows. The Fed stimulus is working. But there is only so much…
The rotation into cyclicals last week sent a powerful message: investors are aligned with President Trump, disregarding the rise in Covid-19 infections. The S&P 500 climbed 1.25% last week, but…
Last week, we warned that stock markets were ignoring the second wave of the virus: this week, investors have paused to digest some alarming trends across states in the South…
The second wave of the virus is here, but markets appear not to care. Investors are betting that higher infections do not translate into more fatalities. Perhaps the US is…
