Looking for the bright side in markets

Even though economic prospects appear positive, for capital markets, it’s always a bit more complicated. For investors, the main anxiety is that the economic positivity, based on vaccination hopes and fiscal support, is putting equities in a more precarious position. No one can deny that, on current price-to-earnings ratios, stocks look expensive relative to history.…

Global growth surprise

With vaccines being rolled out across the world, and substantial monetary and fiscal support for the foreseeable future, economic activity in the second half of this year is all but certain to be stronger than 2020. But much of this optimism has already been priced in. Just as last year saw the worst global recession…

Vaccine dividend expectations

As the British government and media are keen to point out, the UK is one of the world leaders in vaccine numbers. After trumpeting the speedy approval of the BioNTech/Pfizer, Oxford/Astra Zeneca and Moderna vaccines, the government has administered jabs to more than 10 million Britons. At the time of writing, 16 shots have been…

Calming of nerves

After January’s misbehaviour – everything from riotous insurrection at the US Capitol to rebellious share speculation – February began with a more predictable return to normality. The share price of now internationally famous US video game store GameStop has fallen by around 87% ($469 last week to $60 at time of writing). Likewise, frictions within…