Global CIO View

The latest sell off was a dramatic reminder that precious metals can move in bursts. Inflation adjusted prices are still at levels rarely seen in modern history.

The monthly Investment Traffic Lights provide a detailed market analysis and our view on developments in the main asset classes. 

Markets can reprice JGBs overnight, but the real fault line between volatility and vulnerability is when the effective interest rate surpasses growth

Increasingly, shrinking Eurozone spreads say less about European virtues and more about anxieties in many of the world’s other bond markets.

Have small caps seen a weak decade, or were large caps simply off the charts?

Venezuela’s turmoil offers a test case of how oil and metals shocks can ripple through inflation and rates, as the energy transition rewrites old market rules.