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Monthly Market Reports

Each month, investment journalist David Stevenson compiles an overview of markets for UKSPA subscribers. You can see reports from previous months below.

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October 2020

October 2020

It had to happen. At the very beginning of this month (September) the US equity markets finally wobbled after a long summer of positive price momentum. The chart below shows the S&P 500 for the last couple of years with the red line the 20 day moving average, the blue line the 200 day moving average.

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September 2020

September 2020

As it’s summer time and frankly most of us are past worrying about whether we’re in a V, U, or W (swoosh is the alternative designation for W) scenario, I thought it worth touching on two hard nosed charts that I think should make all of us a tad cautious as we head into the autumn. They’re both from quant analysts at French investment bank SocGen and they emerged in a publication called the SG Practical Quant Investor.

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August 2020

August 2020

In the depths of the market panic, one of the commonly expressed anxieties was that millions of equity-based retirement plans would be blown out of the water by plunging share prices. The message was - save more!

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July 2020

July 2020

Strange days indeed. The next wave of the crisis is happening as the virus slams into Latin America – with the awful death toll rising in Brazil – and yet the US market until recently had been scaling new heights.

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June 2020

June 2020

As we head into May, more than a few investors I speak to are growing a tad nervous. They sense that markets might have got slightly ahead of themselves and are worried that once some of the more sordid realities of the Covid emergency become obvious – maybe no vaccine for years – sentiment might turn bearish again.

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May 2020

May 2020

I think my teenage son summed it up well. Looking down his list of shares (on an online trading platform), he recently muttered to me “well, dad that was different. Do stockmarkets normally behave like that?”.

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April 2020

April 2020

Last month was a tad bruising for equity investors -and I say that with a considerable degree of understatement.

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March 2020

March 2020

President Xi of China must have been hoping that the new year might signal a break from his legion troubles. Those pesky tariff issues look like they might calm down and Hong Kong is looking less volatile than it did at the end of last year. And then along comes the coronavirus.

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February 2020

February 2020

There’s a general tendency amongst investors – and investment commentators – to be cautious about prospects for the new year. I, like most people, tend to invoke words like late cycle or fully valued which tends to signify a high level of caution.

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January 2020

January 2020

I like many thought that this year would be the year the markets 'turned' in anticipation of the always impending slowdown. In reality 2019 proved to bea fairly positive year for both equities and bonds.

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December 2019

December 2019

Overall in investment terms, I'm still cautiously optimistic though I would emphasize that word cautiously.

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November 2019

November 2019

My hunch is that at the global level we are not about to enter into a recession.

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October 2019

October 2019

Equity investors have turned skittish, with bond investors the main culprits for this troubling turn.

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September 2019

September 2019

I think it's fair to say that UK investors have seen better days. Uncertainty is rife and the national economy suddenly looks a tiny bit tender.

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August 2019

August 2019

Its long been assumed by many investors that the central bankers, especially those in the US, watch stockmarkets volatility like a hawk.

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July 2019

July 2019

Markets seem to have taken a turn for the worst over the last few weeks. Blame Trump and his talk of tariffs.

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June 2019

June 2019

Despite the odd tantrum related to Trump's tariff utterances, the markets seem to be in a fairly chipper mood again.

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May 2019

May 2019

If I was a betting man - which I'm not - I'd wager that we are mid-way through one of the frequent pausesfor breath, after which the global economy picks up speed a tad.

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April 2019

April 2019

So far, so good. 2019 is shaping up nicely. The FTSE All-Share index is up 7.2% year to date, with the MSCI World up 7.1%.

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March 2019

March 2019

If and when the next big market crash comes - and its probably a matter of when not if - a new, more drastic form of quantitative easing will make its debut.

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February 2019

February 2019

I think we can all agree that 2018 was one of those years best left forgotten - especially the last, torrid quarter.

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January 2019

January 2019

As we head into the festive break again, it's tempting to think (again) that we've had another exceptionalyear. In truth we haven't.

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December 2018

December 2018

At a recent investor event I was accosted by a fund director who claimed that I was another member ofthe bearish liberal journalist elite, always trying to talk down the "real" economy.

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November 2018

November 2018

Is this the really big one? Is the US bull market finally at an end?

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October 2018

October 2018

It strikes this observer that there's never been a better time to think about defensive strategies -be they using structured products, absolute returns strategies or just good old fashioned hedging.

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September 2018

September 2018

My main worry at the moment is that investors are guilty of an element of cognitive dissonance when it comes to QE and its new, potentially ugly sibling quantitative tightening (QT).

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August 2018

August 2018

A few weeks ago, I visited an excellent investment event - the Amundi World Investment Forum.

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July 2018

July 2018

The great genius that is President Trump may or may not have cracked the Asiatic puzzle that is Korea, but what we do know is that he's deadly serious about kicking off a trade war.

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June 2018

June 2018

Being a journalist forces you to be fairly cynical about big trends, especially when it comes to investment, ut I freely admit that I am a paid up member of the New Interest Normal brigade.

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