Global Markets Update What can the money supply tell us about gold prices? We are frequently asked about the relationship between the supply of money and the price of gold. The short answer is that there isn’t one, at least not one that can be relied upon. 13th July 2010 · 1 min read
Global Markets Update What next for the yen? The persistent strength of the Japanese currency despite last month’s announcement of an unimpressive fiscal plan has led us to scale back our expectations for a sharp sell-off in the second half of... 12th July 2010 · 1 min read
Global Markets Update Is the worst over for the US stock market? The US stock market has rebounded a little this week. We don’t expect a much stronger showing over the remainder of 2010 and are sticking with our view that the S&P 500 will end the year at around... 8th July 2010 · 1 min read
Global Markets Update Pace of renminbi appreciation set to disappoint The timing of China’s decision to allow greater flexibility in the renminbi has caught many others by surprise. But those now expecting a large appreciation against the dollar, and for this to boost... 21st June 2010 · 1 min read
Global Markets Update Japan’s equity market should not underperform for long Japan’s equity market has been languishing this year. The Nikkei 225 is down about 5% since the beginning of 2010, while the S&P 500 is broadly unchanged. We don’t expect this underperformance to last... 18th June 2010 · 1 min read
Global Markets Update Is the euro out of the woods? The euro has recouped a little ground over the past week. The currency’s bounce has coincided with a tentative rally in equity markets, which probably reflects a sense of relief that the global fall... 16th June 2010 · 1 min read
Global Markets Update Shrinking corporate savings – a worry for Treasuries? 11th June 2010 · 1 min read
Global Markets Update What next for sterling? Our forecast that the euro will fall to parity with the dollar next year, combined with a smaller decline in the pound from $1.47 to around $1.40, would mean a further rise in the euro-sterling... 3rd June 2010 · 1 min read
Global Markets Update Are UK equities attractive relative to gilts? While the dividend yield of the FTSE 100 recently rose above the yield on 10-year UK gilts for the first time since last autumn (see Chart 1), we would be wary of reading too much into this particular... 27th May 2010 · 1 min read
Global Markets Update Liquidity is important, but it is not the be all and end all 21st May 2010 · 1 min read
Global Markets Update What next for commodities? The sharp falls in many commodity prices over the past month reflect a mix of pressures and worries, some of which are temporary but most of which are not. We continue to expect further falls by the... 20th May 2010 · 1 min read
