We think that the sell-off in the Brazilian real has been overdone to some degree. But whereas a decline to around 4/$ in 2003 was subsequently followed by a period of rapid appreciation, several...

The FOMC’s decision to leave its target range for the federal funds rate unchanged has triggered a rally in government bonds and weakness in the dollar, which in turn has weighed on equities in the...

Earlier this week the Malaysian authorities joined their Chinese counterparts in intervening in the equity market, but there is little evidence that such policies are effective. Global pressures will...

With the debate about the valuation of the US stock market continuing to rage, one factor which is often overlooked is the importance of choosing the correct long-term average with which to compare...