The positive reaction by investors to the minutes from October’s FOMC meeting supports our view that emerging markets (EM) will fare relatively well in 2016/17 as US interest rates are raised. We...

US equities have fared better than US Treasuries in 2015. We suspect that this will remain the case over the next couple of years, as the Fed tightens monetary policy. Nonetheless, the longer-term...

The dollars of Australia, New Zealand and Canada have come under fire again, as the prices of the commodities that they export have dropped back. We think these prices are likely to recover a little...

Spain has been one of the stand-out economies in the euro-zone this year. However, the recent political developments in Catalonia and Portugal are a source of concern and opinion polls suggest that...