There is good value in non-US markets, notably the UK, where valuations are
particularly attractive after a period of relative weakness
Monthly viewpoint – November 2023
The only notably weak market was oil. The initial surge in price following the Hamas attack on Israel has unwound as fears of a wider Middle East conflict have dissipated
Monthly viewpoint – October 2023
In an era of heightened geopolitical
risks, there is considerable uncertainty about the macroeconomic variables impacting policy, and hence on the timing of rate cuts, and the risk of policy error is rising
Monthly viewpoint – September 2023
Data from the US economy has proved to be surprisingly strong this year, and the labour market remains tight, with
wages rising at close to 6%
Monthly viewpoint – August 2023
Oil prices rose a further 1.5% in August, taking its rise over the past three months to 20%
Monthly viewpoint – July 2023
Arguably the biggest upside surprises came in the UK, where growth in recent
months has been broadly flat, confounding virtually all the official forecasts of an extended recession
Monthly viewpoint – June 2023
The Yuan has been under pressure this year, down 5.2% in Q2 and 7.6% YTD, as the Chinese economic recovery following the end of Covid restrictions faded
Monthly viewpoint – May 2023
The extraordinary success of ChatGPT
following its launch in November 2022 is
leading to a surge in demand for high end
processors to power AI applications