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…

No UK double dip, but much talk of bubbles

‘Worst recession in 300 years’ was how UK media framed Friday’s release of UK GDP growth data for the last quarter of 2020. They were also quick to point out that the -9.9% full-year number was far worse than any other major industrialised nation around the world. What they only reported far further down in…