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Emptying, not removing the punchbowl

Last week – as widely anticipated – the Fed raised rates, the ECB announced the end of crisis-era QE, and the BoJ left policy unchanged. Markets reacted in a risk-on way and the euro fell, as the ECB pledged to keep rates on hold for longer than expected and the Fed took stronger US economic conditions in its stride. Over the medium-term, we expect global equities to grind higher, Eurozone sovereign yields to rise, and the euro to recover. 


Preparing for the second half

At the start of the year, my inbox was full of questions about Catalonia, Saudi Arabia, and President Donald Trump. Six months on and it’s volatility, Italy, North Korea…and President Trump. (Some of) the narratives may have changed, but the sense of trepidation hasn’t. At half time in the 2018 World Cup of investing, we ask ourselves: What’s working well? What isn’t? And what are our tactics for the second half?

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Questions we're tracking

Each month we will answer five of the top questions on investors' minds and on our minds as we determine our House View positioning.

Thematic spotlight

Enabling technologies, including artificial intelligence, augmented reality/virtual reality, big data, cloud computing, and 5G, now represent about a mid-teens share of overall global IT spending.

Key topics

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