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June Market Commentary

Introduction The war in Ukraine, worries about food supplies, worries about the global economy… May was another month where all the themes we have become used to were to the fore. Despite this, it was a reasonable month for the stock markets we report on in the Bulletin. China led the way with a gain […]

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May Market Commentary

Introduction April was not a good month for world stock markets. We report on a dozen major markets in the Bulletin: they were all down in the month, with the honourable exception of the UK’s FTSE-100 index, which managed a gain of just 29 points. Why was it such a poor month? The war in […]

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April Market Commentary

Introduction  Once again, the market commentary for our clients is dominated by events in Ukraine. As in March, we have included a special section on Ukraine and – as before – we must stress that ‘at the time of writing’ very much applies to the comments. This month’s market commentary was written on Friday April […]

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March Market Commentary

Introduction Not the election of Donald Trump, not the US/China trade dispute. Not even Brexit. In all the time we have been writing this Monthly Bulletin, no single issue has so completely dominated a month’s news – or threatened to have such serious consequences – as the outbreak of Coronavirus in China. That was how […]

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February Market commentary

Introduction  January’s headlines were dominated not only by reports of lockdown parties in Downing Street, but also by growing tension on Ukraine’s border. Russian President Vladimir Putin massed his tanks on the border, with the Chair of the Commons Defence Committee saying that an invasion was “imminent and inevitable”, and a top Polish official said […]

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January Market Commentary

Introduction  Despite the pandemic, 2020 was a good year for the majority of stock markets we report on in the Bulletin. We wrote that a year ago and – irrespective of all the ups and downs it brought – 2021 was another good year for world stock markets. All but one of the markets we […]

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December Market Commentary

Introduction  November was a month when supplies of both oil and gas – or the lack of them – dominated the news. You will read several comments below about the threat of inflation. In many countries, it is reaching levels not seen for two or three decades, and the escalating price of oil and gas […]

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November Market Commentary

Introduction October was the month which brought us Chancellor Rishi Sunak’s second Budget of the year. Normally that would make the headlines, but October was also a month when the world gave us plenty to worry about. With factors such as rising energy prices and supply chain issues impacting economies worldwide, the UK’s economic outlook […]

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October Market Commentary

Introduction You will no doubt be aware that September was a month when shortages dominated the headlines. As we will see below, it was by no means a problem confined to the UK: sadly it does not look like a problem that will quickly disappear. We have, for example, written previously about the shortage of […]

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September Market Commentary

Introduction The defining image of August 2021 had little to do with the stock market on the surface, it was, of course, the withdrawal of British and American troops from Afghanistan. As some readers will know, Afghanistan has significant mineral reserves, which some estimates put at $1tn (£730bn). These reserves include lithium, so it will […]

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