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Market Commentary

Market Commentary December 2022

Introduction War? Soaring energy and food prices? Covid surging in China and people taking to the streets in protest? Worries about a prolonged recession here in the UK? In November, there was plenty for world stock markets to worry about – but, as we will see below, the markets largely shrugged aside the concerns, with …

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The Autumn Statement

The Autumn Statement Overview 2022

Introduction “A week is a long time in politics,” as Labour Prime Minister Harold Wilson famously said. What, then, is two months? Or to be more exact, 55 days? On 6th September, Liz Truss, having defeated Rishi Sunak in the ballot of Conservative members, became Prime Minister. She duly appointed Kwasi Kwarteng – a man …

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Market Commentary November 2022

Market Commentary November 2022

Introduction Where did we leave the soap opera that is British politics? At the end of September, Liz Truss was the Prime Minister, and Kwasi Kwarteng was her Chancellor. As we reported last month, Kwarteng presented his ‘fiscal statement’ on Friday 23rd September. Three weeks later, he was gone and Liz Truss had to endure …

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Financial Market Commentary October 2022

Market Commentary October 2022

Introduction Speaking to journalists at a lobby briefing in 1964 – when the sterling crisis was raging – Prime Minister Harold Wilson famously said “a week is a long time in politics”. What, then, is a month? Especially a month like September 2022 when enough happened to fill a year’s worth of Bulletins. In the …

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Autumn Mini Budget

The Autumn Mini Budget Overview 2022

*Please note that since this article was written the Higher Tax Rate cut has been cancelled and so is no longer relevant. Reactions to the speech where it was mentioned have been included. Introduction So what was it? A ‘fiscal event’? A Mini Budget? Or a full-blown Budget from a new Chancellor determined to take …

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Market Commentary

Market Commentary September 2022

Introduction August started with US Speaker Nancy Pelosi visiting Taiwan. We comment on China’s reaction below – and we also describe the environmental and economic challenges facing the country. With domestic crises brewing at home, some commentators have noted the convenience of an external crisis for the CCP (Chinese Communist Party). “The position of the …

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Market Commentary August 2022

Market Commentary August 2022

Introduction As many readers know, this Bulletin is written from notes we compile throughout the month. One of the most interesting aspects of this is the occasional feeling of ‘was that really this month’ as we start to write the Bulletin. So it was this month. The race to replace Boris Johnson seems to have …

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Does Optimism Really Matter

Does ‘Optimism’ Really Matter?

If your glass is by nature half-empty, you didn’t need to look far for confirmatory information last month. Energy bills were going up – and are set to rise even further in October. Inflation was up again – with grocery inflation hitting its highest level for 13 years, And, of course, the National Insurance rises …

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