AI optimism, not exuberance
Read More Watch now Listen now Read More Watch now Listen now Read More Watch now Listen now What is our long-term view on the AI bubble, and how does this filter into our broader economic view? There’s a lot of concern as to whether AI is in a bubble. We don’t classify it that […]
Global Emerging Markets Equity: Outlook 2026
Behind the EM rebound
China: The year of the fire horse
As we approach Chinese New Year and welcome the Year of the Fire Horse, it feels like the right moment to step back and think about where China stands, not just as an investment destination, but as a market going through one of the most important transitions in its modern economic history. The past few […]
Market Snapshot
Broadening-out trade gathers momentum
Rate realities await the next Fed Chair
Treasury yields rose modestly across the curve over the first month of 2026 with the US 10-year rising eight basis points (bps). Besides spiking Japanese bond yields and weakness in the dollar to start the year, the big news was US President Donald Trump’s 30 January nomination of Federal Open Market Committee (FOMC) veteran Kevin Warsh to replace Federal […]
A healthy correction underway
Although by the close on Thursday 5 February, the S&P 500 was down a mere 3% from its highs, let’s face it, things feel a lot worse. That is because the 3% loss is a combination of much bigger losses year-to-date in areas that had attracted the bulk of the assets – think Bitcoin (-49%), […]
Market Snapshot
The US Federal Reserve at a crossroads?
Too much Fed news
Another month, another front-page appearance by the US Federal Reserve. Make that ‘appearances’. First came the Justice Department subpoena served to Chair Jerome Powell; his extraordinary video retort followed; Fed Governor Lisa Cook’s Supreme Court hearing begins with Powell in attendance; then the policy-setting meeting; and, on the last business day of January, the White […]
Asia ex-Japan Equity: Letter to Investors
South Korean stocks rose 83% last year – now what do we do?
Living in the now
There’s no shortage of macro-economic factors for bond investors to consider as 2026 gets underway. Speculation about current surprises and future outcomes may get most of the attention, but lagging data has to be considered too. Lately, as I field what should be direct questions about fixed income markets, I find the need to cover […]
