Last Updated: September 30, 2025

The government has got itself in another tangle over Brexit. Meanwhile, chief investment officer Julian Chillingworth investigates the strange dichotomy that’s driving an ascendant dollar.

Last Updated: September 30, 2025

If a tree falls in a forest and no one is around to hear it, does it make a sound? When the European Central Bank (ECB) finally bit the bullet and called time on its asset purchase programme last week, its hawkish announcement passed almost unheard by the markets. The euro did fall 1% against the dollar, presumably on concerns that the eurozone economy might still need the life support. But there was a negligible decline in bund yields, while most major European equity markets rallied in response to the announcement.

Last Updated: September 30, 2025

The Italian political crisis turned out to be a storm in an espresso cup. Damaging policies dreamed up by the right-wing/left-wing coalition sent Italian debt yields upward at a gallop. Then the President vetoed prospective Cabinet members and yields really took off. The two-year government bond got as high as 2.70% last week; it was -0.25% just three weeks ago. This morning, that had calmed right down to about 0.72%.

Last Updated: September 30, 2025

"They are to vote today on a plan to re-open the government, but Democrat Senate leader Chuck Schumer says there's no deal yet. But I believe investors shouldn’t get too panicked. It's important to remember that financial markets barely blinked at the last two shutdowns in 1995/96 and 2013. 

Last Updated: September 30, 2025

What if we told you there is a country with some of the most densely populated cities, but fastest trains on earth, with average delays of only 18 seconds? Hardly imaginable, if you travel by train in the UK. What if we told you that country also has one of the most rapidly improving free-market capitalist economies? And its companies are becoming increasingly shareholder friendly? On top of all of that, its stock market looks cheap? You’d probably say we were dreaming.

Last Updated: September 30, 2025

History doesn’t repeat, but it often rhymes. We are fast entering a time of intense scrutiny for the US technology giants. For the past couple of decades, the titans of social media and the internet have created a digital world that has radically altered how we communicate, transact and live. Only 30 years ago, a 15-minute phone call to the other side of the world could cost the better part of a day’s wages. Now you can video call anyone, anywhere for nothing.

Last Updated: September 30, 2025

A decision tree for navigating Brexit uncertainty

• Brexit
• Economy

Last Updated: September 30, 2025

Copper is the world’s favoured conduit of electrical current. It is also a popular method of tracking the conduit of global trade.

Last Updated: September 30, 2025

For all the talk of fake news, it would be hard to dream up something stranger than the actual events of the past week in the US. And, weirdly, the markets barely shrugged.

Last Updated: September 30, 2025

An obscure British shopping trolley company can be turned into the world’s largest media giant, and then be eclipsed by an upstart tech company toting the motto, “don’t be evil”.

Last Updated: September 30, 2025

The Bank of England is expected to hold interest rates at 0.5% when its monetary policy committee meets on Thursday. For the past few weeks, Governor Mark Carney has backpedalled on a May hike following a run of poor economic data. With the committee gun-shy about pulling the trigger when economic data are glum, it could be some time before we see another rate rise. GDP growth has been trending downward for a year now, posting a paltry 1.2% annual expansion in the first quarter.

Last Updated: September 30, 2025

There is a school of thought that says monetary policy has to shock to be effective.