Banks are very powerful, but very fragile. That’s because they are dependent on people and their ability to believe.

When banks fail they do so suddenly and the shock can create panic that spreads trouble to other lenders. That’s why US regulators have stepped in swiftly and unambiguously.

UK central bankers fall into an age-old parenting trap while talking to investors. Also, we look at the differences between official statistics and new ‘real-time’ series.

The war in Ukraine has caused misery in Eastern Europe, upended global trade and sharpened world politics. An era of cheap hydrocarbons is now behind us, and further energy shocks could be on the horizon.

After years of upheaval, huge stimulus and changing habits from work to play, the paths of economic growth and inflation disappear into a fog as thick as a February morning. That’s why we’re still cautious about 2023.

Markets were fanned higher by US monetary policy before getting driven backwards by contradictory economic winds. Uncertainty still reigns supreme.

It’s a manic week ahead, full of monetary policy, earnings and economic insights. Just the right time for a week of strikes to cause bedlam throughout the UK, from schools to railways.

Signs of economic weakness in America have bond investors hoping the US central bank will soon let up on its path of higher interest rates. But they might be a little early.

Markets were buoyed by fading American inflation, but they may be getting ahead of themselves. Meanwhile, the UK high street reports some rare good news.

Hear from our co-chief investment officer Ed Smith and head of client development, Ian Dembinski in our quarterly Investment Insights webinar which highlights some of the key themes that are set to shape the investment landscape in 2023.

One for the ages, 2022 was a whirlwind year that shook up economies and markets. What’s in store for 2023?

Our latest InvestmentInsights looks to demystify some misconceptions about growth and value investing, with important implications given the risks of recession this year. We also highlight the signs we will be looking for to know when it's time to turn more positive.

We can see a path to a new bull market in the second half of 2023, but we’re not there yet.

We look back at a grim year for financial markets. The rebound in the last few months seems to offer investors some relief, but can we be confident that the worst is over?

More is going on behind the curtain of modern China than its leaders would have you believe, if increasing unrest is anything to go by. Meanwhile, Europeans cross their fingers for a mild winter.

The turmoil of the ‘mini-budget’ seems a distant memory, but big challenges still lie ahead.

The construction industry’s vital role in fighting climate change.

Central banks are doggedly raising interest rates. Investors hopeful for a change of tack may continue to be disappointed for a while yet.

Investors got spooked as Big Tech’s quarterly results showed they weren’t immune to economic headwinds, driving brutal sell-offs. Meanwhile, the UK government’s huge about-face seems to be reaping a ‘dullness dividend’.

Inflation continues to eat away at shoppers’ spending power, both in the UK and abroad. Meanwhile, how do currency fluctuations affect investment returns?

New Chancellor Jeremy Hunt has reversed virtually everything announced in the Truss-Kwarteng mini-budget in a bid to stabilise markets after weeks of turmoil.

Our latest Investment Insights looks to take the global economy's pulse at a time of great uncertainty in the outlook for the global economy and markets. We take a look at the different challenges facing the world's major economies, and how we can adapt our investment strategy in the face of an increasingly difficult backdrop.

The Bank of England has kept the gilt market greased and the Chancellor has brought forward the date he will reveal his detailed fiscal plans, easing pressure on the UK. Meanwhile, inflation still reigns supreme in investors’ minds.

Soaring bonds yields sent mortgage rates skyrocketing. However, they also upended pension funds in a nasty feedback loop that threatened to send many of them to the wall.

We can see a path to better returns, but there are substantial dangers to be guarded against.

The mini-budget will drastically reduce taxation and increase borrowing. It has rattled everyone, from the backbenches to bond markets. Will the gamble pay off?

A giant fiscal package reduces the risk of a very deep recession, but high inflation could stick around for longer.

Hundreds of thousands of people queued for hours to pay their respects to the late Queen ahead of her funeral on Monday.

A long and honourable reign has ended. We are deeply saddened by the passing of Queen Elizabeth II, and our thoughts are with the Royal Family.

Rathbones’ co-chief investment officer Ed Smith explains how we try and overcome often unhelpful behavioural biases.

After a lengthy political vacuum over the summer, incoming prime minister Liz Truss must move fast to get to grips with a daunting set of challenges. An energy price cap (costing billions) seems inevitable.

Rathbones’ co-chief investment officer Ed Smith explains that worsening economic data suggests that an American recession is now more likely than not.

An American recession is now more likely than not. A broad decline in leading indicators steers us to be yet more defensive, but there are both bullish and bearish arguments to be made.

The Old Lady of Threadneedle Street is putting off a ghoulish vibe, giving people the chills despite the summer drought.

A faultless tournament from the English women’s football team lands a team of dreamers a top-shelf prize, offering a welcome ray of good news in a tough year.

The eyes of the world’s markets are firmly on the US as it gears up for a critical week of economic data releases and corporate earnings announcements. 

The central banks’ fight against inflation blazes on, now joined by boiling weather all over the Northern Hemisphere. Why does Europe have the toughest path ahead of it?

It’s bye bye for Boris after one scandal too many, yet it shouldn’t affect UK markets much if at all. Meanwhile, the Bank of England is making sure British banks are as safe as houses.

Our latest Investment Insights highlights why we still see US or global recession as unlikely over the next 12 months, while also exploring some crucial differences that make the UK more vulnerable. 

It was the worst six months in 50 years for US stocks, yet the market is still comfortably higher than before the pandemic struck. Risks have risen, but there’s also room for optimism.

Rathbones’ co-chief investment officer Edward Smith explains how we see reasons for optimism, but remain vigilant.

Still no clear sign of recession in the months ahead, but no catalyst for fears to subside yet either.

A solid drop in bond yields helped boost stocks and reminds us of the earlier days of ultra-modern monetary policy. Meanwhile, gas prices see-saw on the Atlantic fulcrum.

With inflation running hot, central bankers are gearing up to hike interest rates fast. But this is worrying investors who think the economy may not be able to take it. 

The price level is yet to find a ceiling, so the value of stocks and bonds have no floor. Markets will swing between hope and despair until inflation is inarguably falling.

We hosted a breakfast for founders with the following female investors: Saranyah Douse, investment manager, Octopus Ventures, Kimberly Martin, regional head, Boost and CO and Harriet Rosethorn, investment manager, Puma Private Equity.

Financial markets remain volatile as they try to gauge whether the healthy jobs market could stoke too-high inflation. Meanwhile, tensions between Prime Minister Boris Johnson and his party are escalating sharply.

Ever been so happy it makes you sad? Ever been so distraught it makes you smile? Humanity is complicated, which makes markets tough to read as well.

Stocks are flirting with levels that delineate a depressed market. The mood is gloomy and the risk of recession is real, but are investors pricing in too much bad news?

Central bankers have spent years focussing their efforts on fighting deflation. Now that long-dormant inflation is back, they have to stop it from bedding in while avoiding sending the economy into recession.

US monetary policy is tightening, sending the greenback higher. This should ease US inflation even as it squeezes the costs of living and doing business for foreign markets.

Central banks, squarely behind the curve, are preparing to raise rates swiftly. Inflation should be peaking, yet a European oil embargo is becoming more likely.

People are starting to react to increases in the cost of living, cutting non-essentials and spending less. Central banks are soon to follow suit by increasing interest rates further.

The war in Ukraine has dampened global growth as waves of COVID-19 continue to roll across the world. Meanwhile, politics is back to the fore in Europe and America.

Our latest edition starts by comparing and contrasting the current outlook with 1970s ‘stagflation’. New this quarter are regular feature articles looking at one of our long-term investment themes and a topic with ESG implications. This time we consider opportunities in sustainable agriculture and what the war in Ukraine means for the green energy transition.

Cost of living fears seem to be peaking in the UK as a raft of important protections end. How will the economy hold up as households and companies tighten their belts?

Watch this video for an introduction to the key themes and some new developments in our quarterly Investment Insights from Rathbones’ co-chief investment officer Edward Smith.

Feeling an uncomfortable sense of déja vu? Listen to Rathbones’ co-chief investment officer Edward Smith explain why we don’t see an economic rerun of the 70s.

Why we don’t see an economic rerun of the 70s: a preview of the lead article in this quarter's Investment Insights, which is coming soon.

The 1970s suddenly seem relevant again given soaring oil prices, high inflation and rising interest rates. But we’re not expecting a rerun of 1970s-style spiralling prices, sputtering economic growth and weak equity market returns.

In his latest quarterly update video, Rathbones’ co-chief investment officer Edward Smith explains how we are mapping the way through the war in Ukraine.

When terrible events like those in Ukraine happen, we need a map to see our way through. Our analysis helps us map the likely paths economies could take from here.

This year has been grim so far, yet equities recovered much of their losses last week. Meanwhile, oil prices are all over the place and COVID-19 is wreaking havoc in the East.

Commodity markets are fuelling further inflation and putting global growth at risk. Central banks have shown they want to unwind years of emergency monetary policy regardless, sending bond yields higher.

The war in Ukraine has united typically quarrelsome European states against Russian aggression. Meanwhile, unity in President Vladimir Putin’s nation has been enforced through the strength of an authoritarian regime.

Scottish households held over a trillion pounds in assets in 2018. But, there’s very little dedicated insight into the identity and habits of Scotland’s wealthiest citizens. That’s why Rathbones commissioned “Exploring wealth in Scotland”. 

Russia’s invasion at first wrong-footed both Ukraine and the West, but the defenders’ resolve has been tougher than expected. Now, financial sanctions are hitting Russians hard.

As the Russia/Ukraine crisis intensifies, Rathbones co-chief investment officer Ed Smith considers the implications of conflict. Alongside potentially devastating humanitarian consequences, could it inflict meaningful economic damage and disrupt financial markets?

UK retail sales bounced back after a COVID-crushed Christmas. Yet the longest income squeeze since Sir Robert Peel was Prime Minister is set to intensify in the coming months.

Talks to ward off conflict over Ukraine are failing and a Russian invasion is reportedly imminent. Is it brinkmanship or a real risk?

Hydrogen is the simplest and most prevalent element in our universe. Yet turning it into clean energy is complicated indeed, notes our sustainable multi-asset investment specialist, Rahab Paracha.

The Bank of England seems poised to raise interest rates aggressively to combat inflation, yet its explanations don’t square with its own forecasts and analysis. Expect fewer hikes than the market currently implies.

The quality and visibility of company profits are what matter.

Bond yields have been climbing almost as much as investors’ worry levels. Pausing to remind ourselves what central bankers are trying to achieve – and how stocks typically react – is helpful.  

With COVID cases starting to roll over – in the UK at least – and investors settling down for some old-fashioned Fed watching, everyone is hoping 2022 will be a bit more like pre-pandemic times.

Another COVID-blighted year has passed. Yet, for all the turmoil, 2021 was a great one for markets.

Déjà vu in the UK. With COVID cases mounting once again and restrictions piling up, everyone is wondering whether Christmas will be cancelled once again.

Market sentiment has been swinging wildly lately, but in this week’s review chief investment officer Julian Chillingworth explains why he thinks the supply of festive spirits won’t run dry.

It’s shaping up to be another winter tarnished by the virus. As if central bankers needed more complexity on top of huge government spending, upended supply chains and confused labour markets.

A just barely good enough COP (for now).

At the peak of worries about higher interest rates, central bankers have reiterated their laissez-faire stance to policy. That sent prices of stocks and bonds bouncing higher.

The eyes of the world are watching COP26 for bold action on climate change. Meanwhile, the UK chancellor envisages a ‘new age of optimism’.

Despite some unanticipated giveaways, fiscal policy is tightening dramatically. Political confusion and economic uncertainty further cloud the outlook.

Official statistics are in flux as UK policymakers ponder their plans for the future. Meanwhile, third-quarter US company reporting is off to a great start.

Investors grapple with change as inflation rides higher and economic growth bounces back. Central bankers must come to terms with the new environment as well or risk making bad decisions.

Bondholders sell government debt aggressively as inflation concerns mount, but are investors overpaying for inflation protection?

After a stunning second quarter for economic growth and corporate profits as the world started opening back up again, investor optimism has been tempered. Growth is slowing down in China, the first major economy to regain its lost output, and the global economic recovery seems to be coming off the boil too. Still, we think going from great to merely good will still be good enough.

Arguably the greatest welfare programme in UK history has come to an end. That should bring clarity to labour markets and free up workers for more resilient businesses.

The recovery has come off the boil, but we think it will continue supporting the markets.

Higher inflation is starting to leak into central bankers’ plans for interest rate hikes and ‘tapering’ of QE. Meanwhile, the UK suffers an energy crisis as the COP26 climate summit approaches.

A guide to human efforts to tackle climate change.

China’s largest property developer is all but bust, throwing the market into disarray. Back in the UK, skyrocketing gas prices have the government scrambling to shore up energy retailers.

Labour markets are struggling to get to grips with new post-pandemic supply and demand dynamics. Meanwhile, tighter scrutiny is increasing tech companies’ costs of doing business.

Resurgent growth in the post-COVID world has rekindled talk of the next ‘supercycle’ for industrial commodities. But beneath the headlines, the reality is that this demand is likely to pale in comparison with the driver of the original supercycle.

You might think this has been a bleak time to be a British dairy farmer, with Brexit, COVID-19 and the growth of veganism adding pressure to an already demanding job. But Britain’s farmers are a tough breed, and many of them are responding to the challenge with energy and creativity.

China reminds everyone that communists like to meddle in markets. Meanwhile earnings are booming in the West as the recovery rolls on despite investor nervousness.

Indicators of a strong post-COVID recovery keep coming out of the US and other major developed economies, but upside data surprises have brought with them concerns of persistent high inflation. 

Stock markets are bouncing between good news and bad. Meanwhile, crunch time approaches for US lawmakers on the nation’s infrastructure revamp.

England dispenses with all restrictions as infections multiply. At home, as overseas, completing the vaccination drive becomes crucial.

Investor optimism spread over the second quarter as economies around the world continued to reopen and many aspects of our lives returned to normal. Successful vaccination programmes and stimulus measures across the developed world improved the global outlook.

Tougher times may lie ahead, but we believe the cyclical rally has further to run.

The US central bank’s nod to the surging American recovery frightened markets last week. These wobbly moments could become a longer-term fixture of the global recovery.

Jobs are the key to true recovery and the best clue to the path of longer-term inflation. Meanwhile, the great vaccination rolls on.

After an austere run for many years, the mood music for global companies seems to have stepped up a beat. Businesses are splashing the cash and investing for a new future.

Breaking the inertia of old habits can be revitalising. Brits are up for a change and that could spark a regional economic revival.

Inflation concerns aren’t receding despite policymakers’ best efforts. Expect more inflation scares to trigger further stock and bond market volatility.

Why we need to stop sweeping e-waste under the carpet.

Inflation is all investors can think about right now, causing stock markets to wobble a bit. More focus should be on the steady march to recovery. There’s fun to be had.

An economic upswing is in force in the US and UK, even Europe is getting its act together. A full-blown boom may be on the cards for the rest of 2021, but that doesn’t necessarily mean smooth sailing for stock markets.

Why President Joe Biden’s next 100 days will be far more important than his first.

Company profits are bouncing back fast in 2021, but we are not out of the COVID cavern yet. If the virus remains unchecked in South America and Asia, it may weigh on global growth.

Given how many people are driving electric cars and carrying re-usable coffee cups these days, it seems many consumers are aware of climate change risks. But what about social and governance risks?

Recovery hopes are a shot in the arm for the UK stock market

The air is cold but the company is warm. England wraps up for the reopening of pubs and restaurants.

Why our planet needs them to survive

A week of Fed watching cooled the recent rise in US Treasury yields, sending the dollar and sterling lower. Then British flags followed suit.

This year has started off on a positive note, with vaccination programmes making rapid progress and keeping investors optimistic about the prospects for the global economic recovery. While bond markets experienced some volatility during the first quarter, the situation stabilised towards the end of the period.

The US economy is rocketing towards recovery, with jobs, confidence and output soaring amid a strong vaccination drive and stimulus. Next on the list, investment in clean energy.

As the fight against COVID-19 continues, economies are beginning to reopen. Are we about to experience a typhoon of activity to mirror the huge slumps of 2020?

The average American family has received $11,400 of government cheques since the pandemic began. That’s a big windfall for people and a difficult economic puzzle for the US Federal Reserve to decipher.

The US is about to turn on the spending taps once again to combat the effects of the pandemic. This time it coincides with the reopening, so expectations for GDP growth are soaring – taking yields with them.

More stimulus spending now, with the largest tax hike in decades to follow

Exchange rates are volatile beasts, whose movements are unpredictable with any accuracy over short time periods. The US dollar is the biggest of them all, and it’s been tottering a bit lately. 

Flowers, hopes and yields are rising as spring approaches. Still, the UK government is only very cautiously reopening as vaccinations continue apace.

Company profits are bouncing back earlier than expected. How quickly will our economies come back to life once vaccinations are finished? And how different will they be? 

It looks like we’ll all be staying in this Valentine’s Day. But Multi-Asset Fund Manager Will McIntosh-Whyte is looking forward to some quality time away from the screens.

Are we due a re-run of the Roaring Twenties? And if so, what does that mean? A look back at the world’s last post-pandemic recovery and a bit more besides.

When the going gets weird, the weird turn pro. The GameStop upheaval on Wall Street is part of the ongoing democratisation of finance. Ignore its effects at your peril.

With three effective vaccines now in the offing, and the prospect of more to come, investors can look forward to the prospect of economic recovery in 2021 with more clarity. 

A roller-coaster of a year finished on a high note for the markets, and we start 2021 with a sense of relief that one of the most difficult years many of us have ever experienced is behind us.

One President will be sworn in as his predecessor is set to be impeached. What matters for the US now is a united front from lawmakers to support the economy against the latest wave of COVID-19.

While we were all cooped up inside, everything was happening out there. Breakthroughs on Brexit and COVID-19 collided with political strife and big moves in bond yields.

2020 didn’t go the way we all expected. David Coombs has tossed out his old fortune-telling teacup and reached for the magic 8-ball this year.

Their policies could end up boosting growth, though companies may get a smaller slice

A free trade agreement with the EU avoids damaging tariffs, but other barriers remain.

We close a difficult year with a sense of relief, and the tools to deal with the challenges ahead.

Stock markets shot the lights out in November as news of promising vaccines hit the wires. The realities of distribution have lessened the glow a bit recently, leading investors to start reassessing their approach.

Rather than try to reduce it by austerity, inflation or default, the government should focus on keeping the rate of economic growth above the cost of servicing the debt. 

Halloween is stuffed full of potential frights this year and a bit light on the fun. Chief investment officer Julian Chillingworth tiptoes around Brexit, US elections and earnings season.

We all try to structure our financial affairs as efficiently as possible, so we have more money to do what we want with our lives. Yet sometimes our financial affairs start to affect the structure of our lives and our communities, notes chief investment officer Julian Chillingworth.