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Communism Outpacing Democracy

Sep 21, 2020

• US political uproar masks a loss of economic momentum allowing Chinese assets to take the lead • The Fed confirms lower for longer …maybe much longer • Better than expect Chinese economic data compares with some disappointments in the US • Don’t get carried away with the outperformance of value over growth in the…

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The Storm before the Calm, or the Calm before the Storm?

Sep 14, 2020

• Brexit negotiations take a turn for the worse – sterling still at near term risk • UK and EU may take it all the way to the wire before agreeing to a compromise • Policymakers in main economic blocs go quiet – but there is still work to be done • High Yield market…

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To Infinity and Beyond

Sep 8, 2020

• Markets are still thinking about the potential impact of near zero interest rates for years to come. • Strategists seen giving up trying to analyse what it implies for asset values. • Difficult to see how the Fed will achieve its long-term goal of inflation without new tools. • Nasdaq sell-off a correction from…

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The Great Disconnect

Sep 7, 2020

In each of our commentary over the last five months, at the cost of sounding like a broken record, we have written about the global disconnect between the real economy and equity markets. The US leads this gulf. It’s hard to reconcile staggering facts such as US government debt is expected to exceed the size…

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