Many assets struggled to retain their upward momentum in May, as a battle between technicals and fundamentals played out across several markets. Prime examples included the US dollar eventually regaining its poise after some initial wobbles, oil futures moving lower after several weeks of gains, and Eurozone government bond yields rising from historically low levels….

Markets were skittish in April as Eurozone stocks paused to catch their breath after a strong recent rally and US equities barely budged given softer economic data and an awareness of stretched valuations. Weaker data encouraged some investors to unwind what had been very successful bets on the US dollar, despite Treasury yields moving higher…

UK and US markets showed a noticeable uptick in volatility over first quarter, while European and Asian shares soared (and bond yields plumbed new lows) thanks to, in no particular order, the ECB’s much-ballyhooed QE announcement in January, the strong US dollar, increasing signs of speculation in China, and the fact that Greece remains, at…

February saw some global stock indexes reach 15-year highs and European bond yields fall to historical lows. Economic data were mildly positive, though European sovereign debt stress is back (it never really went away) and many emerging markets countries are easing monetary policy to relieve the stress of high debt levels. Crude oil staged a…

The European Central Bank showed policymakers can still pack some punch as the bank’s decision to expand quantitative easing efforts gave a boost to local equity and bond markets in January. The Swiss National Bank also surprised, but in a different manner—removing a floor under the franc/euro exchange rate caused the franc to soar and…

Plunging commodity prices were a key driver of asset prices during the fourth quarter, though regional economic and earnings growth as well as diverging monetary policy also came into play. It was a happy holiday for investors in US equities, which benefitted from robust economic and earnings data, as well as those with exposure to…

Markets maintained a positive tone in November, continuing their recovery from a sell-off, which had lasted through mid-October. Earnings and economics releases supported developed equities, while bonds were buoyed by dovish central banker comments and weak inflation data across many countries. Crucial to the latter has been a decline in oil prices to a four-year…

Life’s but a walking shadow, a poor player, that struts and frets his hour upon the stage and then is heard no more; it is a tale told by an idiot, full of sound and fury, signifying nothing. —Shakespeare’s Macbeth Whether volatility, like “Life” in the quote from Shakespeare, means something or nothing may depend…

Global developed and emerging markets stocks posted minor gains during the third quarter, but this disguises an uptick in volatility as economic growth and thus monetary policy appear to be diverging across regions; fixed income assets such as European sovereigns and credit continue to post strong gains, but lower real yields are causing associated currencies…

The so-called Goldilocks environment for risk assets persisted in August, as dovish comments emanating from a meeting of the world’s central bankers in Jackson Hole and weaker economic data helped convince investors that interest rate hikes are not imminent; US stocks led developed markets equities higher and the S&P 500 passed the key psychological 2,000…