The Cambridge Weekly – 20th September 2021

End of the re‐opening honeymoon We are halfway through September and investors have not experienced a continuation of the positive returns picture of the summer months. This is despite COVID restrictions gradually lifting (not only in the UK) and an on‐track economic...

The Cambridge Weekly – 13th September 2021

Paying for it - the major economies ponder their balance sheets Recently we noted the increasing importance of fiscal policy, and sure enough last week the UK kicked-off the new school year with a big fiscal bang. National Insurance contributions are on the rise,...

The Cambridge Weekly – 6th September 2021

Politics and policy sit at the head of the table Last week felt a bit like the whole month of August. Equity markets (North America and Europe) were in the green, and then last Friday expressed their disappointment over the weak US jobs report. Market participants...

The Cambridge Weekly – 31st August 2021

Fed tapering: the ‘how’ matters more than ‘when’ Questions over when and how the US Federal Reserve (Fed) would begin tapering its monthly securities purchases has been much talked about over the last few months. But ahead of last Friday’s keynote speech at the...

The Cambridge Weekly – 16th August 2021

Climbing the Wall of Worry - Again August continues to be what one would expect from the middle of the summer: quiet. Yet for investors, it is also pleasing that stock markets around the world are gradually nudging upwards, allowing them to remain relaxed wherever...

The Cambridge Weekly – 2 August 2021

Summer lull as markets go through the motions We wrote last week that fortunes could be changing on the COVID front, with UK case numbers showing a decline from their (possibly temporary) peak. Since then, the 7-day average for daily cases has fallen for the first...

The Cambridge Weekly – 26th July 2021

Markets wake up to living with the virus It has been a week of ups and downs. Last Monday saw sunshine and relaxation as so-called ‘Freedom Day’ COVID restrictions were lifted in England. Investors did not join in the party, though, as major equity indices sold off...

The Cambridge Weekly – 19th July 2021

Earnings vs Delta It has been a quiet week in equity markets. The world’s major stock indices mostly continued their recent holding pattern, awaiting news on where things will go from here. As we have written before, the global transition phase we find ourselves in –...

The Cambridge Weekly – 12th July 2021

Don’t look down Global equities have been on a pretty rapid ascent since the start of the year. Last week the world’s investors had a bout of looking down, and a mild attack of vertigo. This dizziness has been prompted by some reasonable worries. Do we have enough...

The Cambridge Weekly – 5th July 2021

Transition uncertainties The great British summer may have struggled to materialise so far, but the end of the first half of the year always brings an element of sunny optimism. We will comment on market and investment returns in more detail next week, when the data...

The Cambridge Weekly – 28th June 2021

Moderating expectations The seemingly never-ending pandemic-induced restrictions and uncertainty is making the forward planning of summer activities quite precarious and frustrating at times. That capital markets have recently borne fewer surprises than the planning...

The Cambridge Weekly – 21st June 2021

Investors try to make sense of the Fed’s ‘dot-plot’ The biggest event of the week took place on Wednesday, as the US Federal Reserve (Fed) concluded its two-day Federal Open Markets Committee (FOMC) meeting, where it discussed economy policy and its latest projections...

The Cambridge Weekly – 14th June 2021

Hazy as Carbis Bay The G7 meeting in St. Ives’ Carbis Bay was rightly the centre of attention in the UK last week and looked to centre on Europe’s leaders cosying up to a much more loveable US administration, at the same time as trying not to mention Brexit too much....

The Cambridge Weekly – 7th June 2021

Going up sideways May’s returns numbers are in, and the headlines are as follows: a rotation from tech to financials – and from value to growth – as well as a bit more downward pressure on bonds. We have included our usual ‘in review’ table and monthly comments below....

The Cambridge Weekly – 1st June 2021

Touch of Goldilocks at the end of May After a strong April, May felt somewhat of a mixed bag for investors, particularly when stock markets suffered a correction in the middle of the month. However, as the month drew to a close, it was mostly only cryptocurrency...