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June Market Commentary

Harold Wilson famously said that, ‘a week is a long time in politics.’ A month is a very long time when we come to write this commentary. Looking back to the first few days of May, the Royal Bank of Scotland was announcing plans to close 162 high street branches in the UK, Facebook said it was […]

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May Market Commentary

Introduction It looked for a long time that the main headline for this commentary would be the opening salvos in a trade war between China and the USA. The International Monetary Fund published a bullish report on world trade, saying that global growth will hit a 7 year high of 3.9% this year – giving […]

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April Market Commentary

Introduction To say that March was a busy month is an understatement. Russia went to the polls to elect a new President and, in the least surprising result of the year, Vladimir Putin won another six year term. With the Chinese Communist Party removing the rules limiting Xi Jinping to two terms in office, two […]

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February Market Commentary

The first month of 2018 was a good one for the major stock markets which we cover in this Bulletin. We report on 12 markets and 11 of them made gains in January – in some cases, spectacular gains, which many investors would regard as more than adequate for a full year. But sitting alone […]

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January Market Commentary

Another year seems to have flown by in the space of about five months. December, in particular, seemed to go past in a blur. It was, however, the month when some progress was – finally – made in the Brexit negotiations. It was also the month when Scotland used its tax-raising powers to increase income […]

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December Market Commentary

November was a relatively disappointing month for world stock markets, with the majority of the markets we cover in this commentary losing ground in the month: however, the largest fall was just 3% so there were no real disasters. Pride of place went to the Dow Jones index in the US, which was up by […]

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October Market Commentary

Well, we’re still here. Despite the seemingly best efforts of the leaders of the United States and North Korea – the world is still turning. But September was a month of ‘another day, another North Korean rocket flying over Japan’ and it ended with Kim Jong-un threatening to explode a nuclear bomb over the Pacific. […]

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September Market Commentary

Introduction It is hard to start this commentary anywhere other than North Korea – or maybe crouching in Japan as a North Korean missile passes overhead. At the beginning of the month, Kim Jong-un threatened to bomb Guam, the US territory in the Western Pacific, and by the end of the month air raid sirens […]

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August Market Commentary

July got off to the best possible start when Janet Yellen, Chair of the US Federal Reserve, announced that there would be no more financial crises “in our lifetime.” Speaking on a trip to London, she said that the reforms of the banking system since the 2007 to 2009 crash had “minimised the risk of […]

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July Market Commentary

June was a fairly quiet month. Well, apart from the chaotic General Election in the UK. Oh – and the decisive win for Emmanuel Macron in the French parliamentary elections. And the start of the Brexit negotiations. And Italy was forced to bail out two more banks. President Trump pulled out of the Paris climate […]

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