Cambridge Video Update
The Cambridge Weekly –7th October 2024
Why are markets so calm? Raised tensions in the Middle East dominated the headlines last week. Capital markets are obviously not the most humanly important consideration in this situation, but our job as investment managers is to think about how they might react....
Cambridge Video Update
Cambridge Video Update
The Cambridge Weekly –9th September 2024
Nervous markets ahead of second pivot Capital markets have started September rather despondently. It feels similar to (though not nearly as bad as) the sell-off that started August, after which stock values quickly recovered. There were risks and headwinds back then,...
Cambridge Video Update
The Cambridge Weekly –2nd September 2024
Balancing acts Last week was a flat week for global stock values, but with a fair amount of dispersion. US returns were once again weighed down by tech, but the UK and Europe were up over 1% on Friday. The overall sluggish picture seems a strange reaction to...
The Cambridge Weekly –27th August 2024
Late Summer heatwave Global stocks continued their climb higher until the latter part of last week. The rise up until last Wednesday had shown remarkably steady gains in daily terms. When you put that together with gains over the last few weeks, equity returns have...
The Cambridge Weekly – 19th August 2024
Tornado rather than hurricane After stocks sank in early August, we warned that volatility could ripple on, and the market storm turn into a full-blown hurricane. But last week saw a remarkable dying-down of the volatility, like a whirlwind that passes in an hour:...
Cambridge Video Update
The Cambridge Weekly – 5th August 2024
Central bank week It’s been another nervy week for investors. Month-end positioning may have had a part to play in creating ups and downs, but most markets were more focused on interest rate decisions. The Bank of England (BoE) cut, the Bank of Japan (BoJ) hiked, and...
The Cambridge Weekly – 29th July 2024
Don’t fear the rebalance The rough patch for global stocks continues. Equities had a fairly dramatic fall last Wednesday, led yet again by the US large-caps. Wednesday saw both the S&P 500 and the Nasdaq experiencing their worst single day losses since 2022, and...
The Cambridge Weekly –22nd July 2024
Shock, rotation, growth? Last week was an astounding week. Capital markets took the attempted assassination of Donald Trump as practical confirmation of his victory in the upcoming presidential election. Equities moved to price in his expected agenda of tax cuts and...
The Cambridge Weekly – 15th July 2024
Lower inflation, less profits? Last week has been an interesting one in capital markets. Global stocks are a nudge above where they were at the end of the previous week in aggregate, but this hides a great deal of variation. There was a steady climb early in last...
Cambridge Video Update
The Cambridge Weekly –1st July 2024
The business of politics, politics without policy Last Friday marked the end of the second quarter and the day after the first, and for Biden disastrous, televised debate of the 2024 US Presidential election - yet markets have been reasonably calm. Large...
Cambridge Video Update
The Cambridge Weekly –17th June 2024
Still mostly sticking to the plan After a cacophony of political noise, central bankers were again the ones to really strike a chord with capital markets last week. Britain’s political parties unveiled their manifestos and French President Macron shocked everyone...
The Cambridge Weekly –10th June 2024
ECB’s Lagard makes rate cut history Rate cuts at last. In a heavily anticipated decision, the European Central Bank (ECB) cut interest rates for the first time in five years last Thursday. Perhaps more poignantly, it was the very first time in its 25 years existence...
The Cambridge Weekly –3rd June 2024
Consolidation Capital markets were in a dreary mood again last week, with global stocks generally ending the week down between 0.5 and 1%. That almost exactly tracks US stocks, with the S&P 500 losing just under 0.3% through the week. UK equities fared a little...