Investors’ enthusiasm for AI appears to have supported an increasingly broad set of equities of late, even if much of the associated rise in market capitalisation remains concentrated in a few of the...

Despite the recent upward revisions to our forecasts for the US dollar and Treasury yields, we think the gold price will rise to $2,750 by end-2025. This reflects our view that stronger gold demand...

We now think the 10-year JGB yield will rise further, the yen will make more ground against the US dollar, and Japan’s equities will struggle to make much headway (in yen terms).

We held an online session on US import tariffs on 26th November. (See a recording here ). In this Update we answer the questions we were most asked.