The recent slumps in three widely-traded emerging market (EM) currencies – the Russian ruble, Turkish lira and Brazilian real – have all partly reversed since last week. But the bigger picture is that...

The 10-year US Treasury yield fell from a four-year high of almost 3.0% in late February to only around 2.7% in early April, leading to claims that it had now peaked in this cycle. Yet the yield has...

The FTSE 100 has edged higher over the past month, despite a 5% drop in the S&P 500 and an appreciation of sterling against the dollar. A rise in the exchange rate has typically seen the US index...

Although we are not forecasting a recession in the US, we expect the economy there to slow significantly next year and think that this will contribute to a further downturn in the stock market. As a...