Newsletter

An eventful week saw geopolitics taking the spotlight once again. A Truth Social post by Donald Trump caused markets to fall off a cliff on fears of an escalation in the US-China Trade War. The White House later walked this back somewhat, leading to a partial recovery.France and Japan also saw abrupt leadership changes. Meanwhile, […]

Markets last week unsurprisingly overlooked the US government shutdown and continued rallying thanks to the AI narrative and pharma stocks seeing a record run. The fixed income market saw yields fall across the curve as private jobs data showed weakness. This week the market is looking forward to Powell’s speech to get hints of the

S&P 500, Nasdaq, and Dow all advanced, driven by softer Core PCE inflation and stable Fed expectations, with tech leading the charge. Technology and communication sectors outperformed as NVIDIA and Apple rallied on earnings optimism, while Tesla dropped after a production miss; financials remained steady. This week, markets are focused on the impending US Government

The Federal Reserve implemented its first rate cut of 2025 by 25bps and signaled possible future easing, stoking optimism and contributing to robust equity gains. U.S.-China talks and TikTok news supported select large-caps, while market flows hit near-record highs. Sector gains were strongest in tech, communications and healthcare.

Unrest across the globe was in the spotlight last week as three countries – France, Japan and Nepal – saw abrupt leadership changes. All were attributable directly or indirectly to a failure of financial governance. We see popular discontent continually spreading as a section of the population in several countries believes that they are being

The news cycle from the United States remains dynamic as a federal court struck down most of President Trump’s sweeping tariffs, Fed Governor Lisa Cook sued the president over her dismissal and the Fed’s favoured inflation data was released. The highlight of the week was earnings from Nvidia, which continues to beat estimates; however, the

The ‘piece de resistance’ last week was the statement by Chairman Powell at Jackson Hole. Even though he essentially confirmed the market’s expectations about a rate cut in September, it was enough to ignite expectations about the start of a rate-cutting cycle and a rally in financial markets. Market attention now shifts to Nvidia’s earnings

Conflicting inflation data last week has complicated matters for the Federal Reserve – markets are looking for direction from Jerome Powell this Friday. The widely anticipated Alaska meeting between Trump and Putin failed to yield any decisions on the Russia–Ukraine conflict. India’s Prime Minister Narendra Modi announced major economic reforms on Independence Day.

Q2 earnings for US corporates have been fairly strong so far. Treasury yields experienced upward pressure, reflected in slightly poor long-term note auctions. News flow from the White House continued to be strong, with announcements regarding leadership of the Federal Reserve and the announcement of more tariffs on India over the import of Russian oil. Separately,

US markets continued to hover at all-time highs as inflation data was in line with expectations, Wall Street bank results came in strong and the AI narrative remained in play with impressive results from TSMC. Other significant events included China releasing robust domestic data and Trump signing off on the Genius Act, which is a