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Check out our monthly market commentary for a quick wrap of key finance events around the world.

Market Commentary February 2017

Market Commentary November 2016

Market Commentary September 2016


Previous market commentaries

Market Commentary September 2016 - In the UK, Carney cut rates last month but has said he won’t go into negative territory. Meanwhile the US Fed ponders its next interest rate move. We take a look at the key events you need to know about in September.

Market Commentary August 2016 - July has been all about the referendum outcome, with equity markets continuing to regain their poise despite Brexit concerns globally. We take a look at the key events you need to know about this month.

Market Commentary July 2016 - Sterling has been the main casualty thus far following the Brexit vote and it may have further to go against the US dollar. The euro is also down. We take a look at Brexit's market and currency impacts around the world.

Market Commentary June 2016 - It's been something of a topsy-turvy ride for equities in May. European markets were flat, the UK and US edged up a touch, but Asia Pacific and emerging markets were down; the latter on renewed strength of the dollar. We discuss the possibility of another US interest rate rise, the all-important Brexit vote on 23rd June 2016 and the implications of the recent oil recovery.

Market Commentary May 2016 - Last month we said the rally from the February low was losing momentum and that is still the case. More significantly, the bull run from early 2009 is showing the same propensity. We discuss Obama's recent visit to the UK, how Japanese equities took a dive after the Bank of Japan said it would not lower rates, and what's happening with oil prices after the Doha summit...

Market Commentary April 2016 - The recovery from the February low has continued apace, but looks to be running out of steam. The S&P 500 has risen 15% in just over 6 weeks, and a retracement of some sort is now a high probability. If we are still in a bull market, as some pundits assure us, then a correction of around a third of the up move is likely. If it is larger, the omens become less favourable.

Market Commentary March 2016 - With an atmosphere of gloom pervading every market, except gold, it should have been no surprise to see a decent attempt at a rally and that kicked off in the middle of February. We break down the key events, market by market, that you need to know about in March.

Market Commentary February 2016 - Can you trust the word of a central banker? Is a US recession on the cards? Is gold on track for a turnaround towards its short-term target?

Market Commentary January 2016 - The central banks have declared their hands. The Fed has marked the turn of the US interest rate cycle, whilst in Europe and Japan the presses are still printing, and will do so for as long as it takes for those in Mario Draghi’s camp.

Market Commentary December 2015 - After the bounce from the very panicky lows, which played out in October, November has ended up pretty flat for equity markets, which disguises the ongoing volatility.

Market Commentary November 2015 - The market “recovery” continues, but on a global basis – it’s not as exciting as some pundits would have you believe

Market Commentary October 2015 - After August’s “fall out” global markets have attempted three rallies, which, so far, have not managed much by way of recovering the down draft. The latest is quite a strong affair, but this is not untypical of counter moves in a bear market, if that, indeed, is where we find ourselves.

Market Commentary September 2015 - The traditionally quiet month of August, when all good city folk should be sunning themselves on the Riviera, has exploded into action. Now that we have high frequency traders running the show, allegedly supplying liquidity, which must be one of the biggest jokes perpetrated on a largely unsuspecting investment community, volatility has been eye watering.

Market Commentary August 2015 - Last month we were waiting upon the dénouement in Greece and, if you believe anything you may have read in the newspapers, the problem has been solved.

Market Commentary July 2015 - Writing this before the Greek Parliament opines on the less than generous offer from the Troikanauts, we cannot be certain about the outcome, but it won't be good for Greece either way.

Market Commentary June 2015 - After April’s bond “massacre” things have quietened down a bit in May (June may be another thing), but there is still the threat of another storm; rather like the weather in Old Blighty!

Market Commentary May 2015 - April has witnessed a long overdue correction in most bond markets, mainly at the longer end of the yield curve. The yield on the German 10 year Bund has risen from 0.06% to 0.37%.

Market Commentary April 2015 - A rather mixed month for the major equity markets; UK and US were down (although the latter was positive in sterling terms) but Europe (ex Greece), the Nikkei and the Shanghai Composite were all strongly better.

Market Commentary March 2015 - The relentless rise and rise of equity markets continues, with the FTSE 100 making a new all-time high, towards the end of February, for the first time since the end of the millennium.

Market Commentary February 2015 - First an oil shock in December and then the Swiss National Bank (SNB) pulls the plug on the euro in January; what price February being an interesting month too?

Market Commentary January 2015 - December was dominated by discussions over the price of oil, which has fallen every month since the end of June, when it was at $115 a barrel. It has declined by nearly 50% and it shows little sign, thus far, of slowing down.

Market Commentary December 2014 - November has seen a continuation of the bounce in both equity and bond markets. The Main US indices have reached yet another series of all-time highs and the NASDAQ Composite (the “tech” index) is almost back to the 2000 TMT (technology, media and telecoms) bubble peak.

Market Commentary November 2014 - October has been a truly unusual month. Markets have gone from full speed astern to full speed ahead; well at least in the US they have. The monthly range in the Dow Jones Industrials has not been this wide since 1903.

Market Commentary October 2014 - Back in early August we suggested that we might have seen a few chinks in the armour of the markets only to be derided when the powers that be pressed the “buy me now” levers yet again.

Market Commentary September 2014 - As you were! August was a good month for equities; the rise and rise of the US stock market is relentless it would seem. We have not had a correction worthy of the name since the middle of 2011, three years ago now, and the market is up over 200% since the bull market started in early 2009.

Market Commentary August 2014 - Somewhat surprisingly, given the flow of positive data, capped by a 4% rise in US GDP for the second quarter of 2014, Western markets were negative for the month of July. Technically they are all still in uptrends, but during the last few days of the month we may have seen a few chinks in the armour develop.

Market Commentary July 2014 - Summer is upon us and in the UK we are actually enjoying some sunshine as are equity markets notably in the US. Fixed interest markets too are still sitting close to all time low yields and "shock horror" Spanish ten year rates are now below both UK gilts and US Treasuries.

Market Commentary June 2014 - With the ECB June meeting on the June 5th it may be a little too late to discuss their options but it will almost certainly involve some form of quantitative easing (QE) although with a similar degree of certainty we can say that they won’t call it that!

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