Knowledge and insight

Meet the new boss; same challenges as the old boss

Iran and the UK clash in the Gulf, squeezing the supply of oil worldwide. Chief investment officer Julian Chillingworth notes that fading global growth should keep the crude price from spiking.

The online shopping squeeze

Consumers, companies and investors alike are increasingly recognising that environmental, social and governance considerations are becoming vital to businesses’ long-term success. The benefits for wider society are also likely to be far-reaching.

US stock markets reached new high last week, and other less conventional signs of optimism also appeared. In our latest Review of the Week, chief investment officer Julian Chillingworth considers what it all means for the longer term.

News that America’s Department of Justice and Federal Trade Commission will conduct wide-ranging probes into the market power of several tech giants sent their share prices tumbling. Investors fear growth-busting breakups. Telltale warning signs have been floating around for a year, yet they deepened in May and June. These companies have come a long way from the garages and dorm rooms where they were founded. Fresh-faced innovation has given way to mistrusted maturity. The FANGs are just too big and too powerful to be left alone.

Stocks soared to new highs in June, but more pessimistic bond markets tolled a more ominous note amid weaker growth, falling earnings, trade tussles and other troubles. Chief investment officer Julian Chillingworth considers the mixed messages coming from stocks and bonds. 

While the Brexit deadline draws closer, the route to a deal between the UK and the European Union (EU) shows no signs of materialising.

After getting all fired up for interest rate cuts, decent American economic data spoiled the mood last week. Our chief investment officer, Julian Chillingworth, notes the growing disconnect between investors’ expectations and economic reality.