Month: July 2026
Market Update: The world gets riskier
Equity and bond markets came under pressure last week, as oil prices rose above $100 per barrel again. The downside was clearest in bond markets, with long-term government yields moving up sharply. Stocks held up a little better in aggregate in the early part of the week, but all the risks around make them look increasingly fragile.
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Market Update: Markets going in circles
The summer lull has arrived early. Broad stock indices, bonds and even oil prices have bounced up and down over the last two weeks without any clear direction. The previous AI winners, particularly semiconductors (chips), are the exception: they have swung from strongly positive to strongly negative, despite there being no one specific negative catalyst for this sentiment shift. The themes are still as they have been for months: the war in Iran, US interest rates and AI growth potentially running out of steam. Investors still do not know what to make of them all. But pausing for breath is...
Market Update: Geopolitics refuses to leave the stage
Just as markets had downgraded the risks emanating from the Middle East, they flared up again. Yet again, however, it is telling how measured the market’s reaction has been to ships being set ablaze in the Strait and the consequent military responses.
Market Update: Second half starts with wary market mood
Global stocks recovered from last week’s sell-off, but are still only roughly flat from a month ago. Once again, the previous big winners – like US tech – are the most under pressure. The week before last, we put these moves down to institutional investors rebalancing their assets at the end of a strong quarter. Further pressures last week suggest something else might be going on.