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Rathbones’ Smith: Reduced risk of a ‘no deal’
Last Updated: September 30, 2025
The Brexit saga has taken a predictable turn, though the rout that Prime Minister Theresa May suffered in Tuesday’s Parliamentary vote on her Brexit deal was historical in its magnitude.
Losing control
Last Updated: September 30, 2025
Today Theresa May has to present her alternative Brexit plan to Parliament. Facing a hostile House of Commons, the Prime Minister says she won’t do so. Instead, she will reiterate that she is continuing to negotiate with the EU in a bid to unpick the Gordian knot of the Irish backstop. In a chilling echo through time, while Mrs May was trying to shore up support among English Brexiteers a bomb blast shook Londonderry. An IRA splinter group took responsibility. According to one version of history, Alexander the Great untied the impossible knot by cutting it.
A Gordian knot
Last Updated: September 30, 2025
Markets took a dive in December, but we think panicked investors may have got ahead of themselves. Chief investment officer Julian Chillingworth explains why things are relatively ok for global growth, but perhaps not so much for the UK
Watch the pound fly
Last Updated: September 30, 2025
Every time Theresa May gets trounced in Parliament, delays a vote or a member of her Cabinet lets slip that she won’t really force a no-deal exit from the EU, sterling shoots upward.
Great timing
Last Updated: September 30, 2025
US nonfarm payrolls smashed expectations once again, posting 304,000 new jobs in January instead of the 165,000 forecast. Last month’s number was revised down from exceptionally high to very high. The ISM manufacturing survey rose to 56.6, higher than expected, showing that US producers are busy and confident. Consumer sentiment was soggier, however, dropping to the weakest level of Donald Trump’s presidency. It was likely dragged down by the record 35-day government shutdown, yet it held up significantly better than economists had expected.
Year in Review Masterclass | December 2018
Last Updated: September 30, 2025
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The next recession
Last Updated: September 30, 2025
It’s that time in the ebb and flow of global commerce that investors cast around for the next big threat to the economy, the unforeseen wave that will upend everything.
Chart of the week: Are your defensives safe?
Last Updated: September 30, 2025
Traditional defensives have kept pace with economically sensitive sectors through the long and fitful post-crisis recovery. Some ‘defensives’ are decidedly expensive, and investors may need to broaden their search for safe havens.
Today’s defensives may not be fit for tomorrow
Last Updated: September 30, 2025
As we reach nine consecutive years of global economic growth, investors are not planning celebrations.
Chart of the week: A more dovish Fed
Last Updated: September 30, 2025
Markets have stabilised after the ‘Santa slump’ experienced into the year end, helped by comments from US Federal Reserve (Fed) officials suggesting they are moving towards more dovish market expectations.
Review of the week: A strong message
Last Updated: September 30, 2025
After years of arguments and hollering over Brexit, most Brits didn't even bother voting in the EU elections. Julian Chillingworth lays out how Nigel Farage's big win could affect mainstream party policies.
A change is in the air
Last Updated: September 30, 2025
Searching for investments that improve our world and deliver returns. Rathbones Global Sustainability Fund manager David Harrison takes a trip to America.