Newsletter

Markets Weekly: Is China Turning Things Around?

While the US S&P 500 struggles, weighed down by trade war fears and a darkening economic outlook, Chinese stocks are surging. Is the market witnessing a "Great Rotation" of capital, as investors shift their focus from the long-dominant US market to a resurgent China? There'
Markets Weekly: Is China Turning Things Around?

Markets Weekly: Europe's Moment?

After years of US market dominance, a remarkable shift is underway. Since the start of 2025, European equities have outpaced their American counterparts, raising the possibility that the era of "US exceptionalism" may be drawing to a close. Germany's DAX has surged over 14% year-to-date, while
Markets Weekly: Europe's Moment?

Markets Weekly: The Stagflation Specter

JPMorgan Chase CEO Jamie Dimon has been a persistent voice warning of the risks of stagflation. In April last year, Dimon said “stagflation is on the list of possible things” that could happen to the US economy. He repeated the warning at an investment conference in September, saying that a
Markets Weekly: The Stagflation Specter

Markets Weekly: Is US Exceptionalism Fading?

For years, the United States has enjoyed a period of economic "exceptionalism," consistently outperforming other major economies in terms of growth, job creation, and market returns. But that narrative is now being called into question, with recent market signals suggesting US exceptionalism may be facing its most significant
Markets Weekly: Is US Exceptionalism Fading?

Markets Weekly: Trump vs the World Puts Rate Cuts at Risk

President Donald Trump's aggressive trade policy has thrown down the gauntlet, not just to America's trading partners, but also to the Federal Reserve. With a flurry of new tariffs, threats of more to come, and a clear desire for lower interest rates, Trump has created a
Markets Weekly: Trump vs the World Puts Rate Cuts at Risk

Markets Weekly: Gold Keeps Climbing

Gold is on a tear. The precious metal hit record highs this week and is already up 8% year-to-date. Initial forecasts from major banks and economists pointed to the possibility of gold breaking the USD 3,000/oz level amid escalating geopolitical tensions and strong central bank buying. Yet the
Markets Weekly: Gold Keeps Climbing

Markets Weekly: Trump-Fed Feud Masks a Shift in Economics Reality

The battle lines were drawn quickly. Following the Federal Reserve’s decision to hold interest rates steady at their most recent policy meeting, Donald Trump took to his social media platform, Truth Social, to voice his displeasure, not just with the decision itself, but with the very institution in charge
Markets Weekly: Trump-Fed Feud Masks a Shift in Economics Reality

Weekly Recap | Fed's Hawkish Cut and Market Sell-Off

The Federal Reserve, in its December meeting, delivered exactly what the market had predicted: a 25-basis-point cut to interest rates. Yet, instead of celebrating the anticipated move towards easier monetary policy, markets threw a tantrum. Stocks tumbled, bond yields soared, and volatility spiked – all on the back of a move
Weekly Recap | Fed's Hawkish Cut and Market Sell-Off

Trump's Quest for Cheap Energy

For the past 50 years, every U.S. president has made it a priority to advocate for cheap and secure energy. Donald Trump is no exception. His campaign promises include a pledge to "drill, baby, drill" and cut energy costs for Americans by half. This focus on energy
Trump's Quest for Cheap Energy

Trump and Bond Yields

Donald Trump's decisive victory in the presidential race, dubbed by some as the "Super Bowl of Global Politics," triggered mixed reactions across financial markets. While stock indices hit record highs, the US dollar surged, and Bitcoin soared, the bond market responded with a resounding sell-off. This
Trump and Bond Yields