Brexit in-limbo aside sentiment is improving Even though our prediction that Brexit would neither happen on 29 March nor 12 April has turned into reality, there seems little point in celebrating. Yes, the immediate threat of a cycle-ending shock event to the...

Happy 10th birthday, choppy bull market  Frustrating political divisions have drowned out the 10th anniversary of what many have called the most unloved equity bull market in history. Broad based equity market investors (those who held their nerve) have enjoyed...

29 March 2019 – quarter end The vexed date has come and gone, as we had suggested, but not quite in the manner we had expected. While the population widely blames Parliament and the political class in general for the Brexit execution debacle, MPs are just as divided...

Brinkmanship and extensions Every few months, I spend a few days of the week travelling across the UK with Cambridge’s relationship management team updating regional gatherings of financial advisers. This time around, it was not surprising to find most of the...

Bits & pieces The febrile state of UK politics and its journalists might get you thinking that the UK markets were expiring as fast as the Brexit deadline. Certainly, there’s been a bit of to-ing and fro-ing in the currency market although the moves were miniscule...

ECB stimulus U-turn leaves markets unimpressed Last week, we wrote about the impressive 25% market recovery the Chinese stock market had witnessed since the beginning of the year. This week, the Chinese leadership demonstrated that it dislikes stock market exuberance...

£-Sterling ‘applauds’ prospect of Brexit delay The last week of February was void of significant economic or monetary market drivers, which left global investors to observe the political news-flow. The US President and UK’s Theresa May were therefore quickly...

Progress? We prognosticated in January that we thought it likely that the impossible US President Trump would reach a trade deal with China before the hapless UK prime minister would achieve a constructive divorce settlement with the EU. This week both issues appeared...

Investment perspectives for different Brexit outcomes As the market recovery resumes, Trump and Brexit will determine its longevity Corporate earnings: Sunny first, potential for drizzle later Corporate earnings growth is underpinning the ongoing recovery, but can it...

Is 2019’s market recovery beginning to stutter? After one of the worst Decembers for global investors since the Great Depression, followed by the best January since 1987, February has started not too badly for investors. While up overall, the 7th week of the 2019...

Turnaround?; US economy slowing but not stopping; Gold and real yields; Huawei, 5G and the US-China trade war. Cambridge Weekly Update 4th February 2019

Market absurdities The continued stock market recovery is not as absurd as it may appear in light of deteriorating economic news flow if the bulk of last year's sell-off was driven by overly tight global liquidity. Europe struggles to find its feet From fastest to...

Markets looking ahead The New Year’s stock market recovery rally we wrote about last week has continued, to the surprise of many who are observing unprecedented political shambles on either side of the Atlantic. The UK appeared to be descending into political chaos,...

Substantial but fragile New Year recovery While the UK public were stunned and distracted by the live constitutional drama between parliament and government over Brexit, equity markets continued their New Year’s recovery rally. Since the pre-Christmas lows, Global...

Year-end turbulences heralding difficult 2019? Happy New Year from team Cambridge and here's to a more joyful 2019 for investors! As our 2018 table of asset class returns below shows, 2018 brought even less joy for investors worldwide than we had expected. The only...