August 2015 – Still Resilient
Despite a host of challenging macro factors ranging from the threat of a “Grexit” to the rapid decline in Chinese equities, global...
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July 2015 – A Denouement for Greece?
Once again, the Eurozone is in the crosshairs of financial markets. Taking a step back, it is peculiar that a country whose GDP is less...
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June 2015 – Comfortable in the Middle
We are standing in the middle of a regime change in global monetary policy. Neither at the peak of liquidity conditions, nor anywhere...
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June 2014 - ECB’s Bazooka is loaded, but will they use it ?
Contrary to most expectations, the month of May saw a further rally in global interest rates as G7 growth remains sluggish and CPI...
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May 2015- A Month of Market Rotations
The month of April closed with the reversal of a number of crowded trades. The most consensual of these was the reversal in the U.S....
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April 2015 – From ZIRP to NIRP
Generally stronger growth across developed markets and aggressive monetary stimulus has combined to produce a respectable quarter for...
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March 2015 – Monetary Easing: Who’s Next?
Last month we noted that thirteen central banks had eased their monetary policy since the beginning of the year. In February, the trend...
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February 2015 – Battle Against Deflation Heats Up
The first month of the year saw a wave of easing across global central banks as the spectre of deflation has forced the hand of monetary...
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January 2015 – Outlook 2015: Summary
The market movements witnessed at the end of 2014 are notable for the fact that they were driven by trends we think will persist well...
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December 2014 – The U.S. Bull Remains Undeterred into Year-End
Global equity markets have staged a remarkable recovery since bottoming out in October. The broad based gains registered in November were...
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November 2014 – A V-Shaped Recovery for Equities
Two and a half weeks ago, global equity markets were down some 10% from their yearly highs. This had some market participants asking...
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October 2014 – The Dollar Arrives
For those who place faith in the seasonality of markets, September did not disappoint with its tendency towards heightened financial...
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September 2014- Central Banks Diverge
One of the themes we highlighted at the beginning of the year was the implications of divergent central bank behavior on asset class...
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August 2014 – The Macro View Remains Intact
Sometimes, market weakness can be attributed to a fundamental change in the macroeconomic backdrop. In other cases, the selling of risk...
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July 2014 - At Halftime, Markets Remain Well Supported
Notwithstanding a series of unforeseen events in the first half of 2014, risk markets continued to march ahead this year with the S&P...
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May 2014 - The Macro Picture Strengthens
The macroeconomic backdrop appears to be improving as we move into the equity bull market’s fifth year. An improvement in economic data,...
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April 2014 - Keep Calm and Carry On
Going into 1Q 2014, there was a great deal of consensus among market participants on positioning and the direction of markets. For us,...
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March 2014 - Back Where We Started
Following a bout of volatility and an emerging market-led sell off at the beginning of the year, major equity indices have returned to...
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February 2014 - Volatility Returns
It did not take long for volatility to return to the market as equity indices in the US, UK, Eurozone and Japan had their worst January...
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January 2014 - A Cathartic End to 2013
Markets ended 2013 on a cathartic, yet slightly cautious note. Catharsis came in the form of the Federal Reserve’s December 18...
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