MARKET REVIEW Government bond markets underwent a further sharp repricing in September, as nominal and real yields moved higher, particularly in the United States. The US 10-year Treasury yield rose to new cycle highs, reflecting resilient economic activity,...

MARKET REVIEW Government bond markets adjusted sharply again in August, with yields rising across most major sovereign curves and maturities. The US 10-year Treasury yield moved decisively higher, while German Bunds and other core European markets followed the same...

MARKET REVIEW The US dollar weakened over the month, but the standout currency story was the Japanese yen, which came into sharp focus following a joint intervention from the Federal Reserve and the Bank of Japan. This coordinated action pushed the yen to 157 against...

MARKET REVIEW Government bond markets continue to be driven by shifting expectations around the timing and magnitude of central bank easing. In the US, Treasury yields have edged higher, with the 10‑year hovering in the mid‑4% area and the 2‑year remaining...

MARKET REVIEW Global markets in April 2026 were driven by a sharp repricing of inflation risk following the Iran conflict, a powerful rebound in AI‑related equities, and renewed uncertainty around the path of monetary policy. Over the month, the Fed, ECB and Bank of...

The situation is very severe … the largest supply disruption in the history of oil market. INVESTMENT PERSPECTIVE The U.S. strike on Iran on 28 February triggered the current conflict, but markets initially treated it as a temporary shock. Five weeks into the Gulf...

The Iran conflict has injected a classic geopolitical risk premium into energy and shipping, but it is landing on a very different macro situation from the late 1970s. INVESTMENT PERSPECTIVE The Iran conflict has injected a classic geopolitical risk premium into...

Gold briefly reached a new high of around 5,600 before “flash crashing” to around 4,700 21.3% PERFORMANCE OF URANIUM Investment perspective Global risk assets extended last year’s momentum, with equity indices flirting with new highs while precious metals experienced...

Market expectations of a Fed cut in December surged to around 85-87% from under 40% a few weeks ago 17.2% PERFORMANCE OF SILVER Investment perspective The macro backdrop remained resilient, despite the lack of publications due to the US government shutdown. Growth in...