We think that this week’s sell-off in government bonds sets the tone for the second half of the year. Nonetheless, we don’t expect a further rise in their yields to prompt a major correction in equity...

The failure of two Italian regional lenders over the weekend was a reminder of the vulnerabilities still present in parts of the global financial system. However, the big picture is that the system is...

We are not surprised that stock markets in China have barely risen in response to MSCI’s decision to include the country’s A-shares in its Emerging Markets (EM) Index. Admittedly, the initial...

Those who claim that the US stock market is bound to hit the skids soon point to the fact that Shiller’s cyclically-adjusted price/earnings ratio is now more than double its long-run average of 14...