Most of the world’s major “paper” currencies have fallen out of favour. But the Swiss franc is an exception to the rule. It has even outperformed gold since the start of the year. We expect the upward...

Moody’s has become the second major rating agency to put the long-term credit rating of the US government on review for possible downgrade. We think investors in the Treasury market were right to...

This Focus provides an interim report on the calls that we published at the start of the year. We were right to be cautious on the prospects for the global economy and equity markets and to forecast...

German Bunds have prospered from the escalating crisis in the euro-zone. Earlier this week, the 10- year yield briefly hit 2.5% – a new low for the year – before edging up again to 2.7% now. Our base...