While the decline of nearly 30% in the price of oil since 20th June ought to boost the US economy, we think the muted reaction in the stock market – the S&P 500 has gained only 4% – makes sense.

While the slump in oil prices will reduce inflation in the major economies, it should also boost economic growth – at least where inflation is not dangerously low to begin with. The net effect on...

Japanese equities have paused for breath following the surge in the wake of the additional easing announced by the Bank of Japan and the reweighting of the government pension fund in favour of stocks...

Although the US stock market has rebounded in recent weeks, one development that could cap its upside is a further rally in the dollar. A strengthening currency causes exporters to lose market share...