Too Early for a New Dawn in the UK

The UK’s successful vaccination programme has fuelled speculation of a rapid recovery. However, barriers to post- Brexit trade and a slow easing of lockdown restrictions pose serious risks. It is premature to suggest UK underperfomance is over After a wobbly start to...

Market Senses Rising Inflation Risks

Inflation remains one of the few areas where there is not an overwhelming market consensus. We see rising inflation risks The market is running out of non-consensus narratives, now that we can see the vaccine being rolled out and the potential for a strong economic...

Don’t Expect the Summer Doldrums this August

After such a tumultuous start to the year, it would be understandable if the market was even more diligent than usual in switching off this summer. Markets around this time are generally perceived to be quiet anyway, but the lack of liquidity most likely contributes...