Japan’s equity market has been languishing this year. The Nikkei 225 is down about 5% since the beginning of 2010, while the S&P 500 is broadly unchanged. We don’t expect this underperformance to last...

The euro has recouped a little ground over the past week. The currency’s bounce has coincided with a tentative rally in equity markets, which probably reflects a sense of relief that the global fall...

Our forecast that the euro will fall to parity with the dollar next year, combined with a smaller decline in the pound from $1.47 to around $1.40, would mean a further rise in the euro-sterling...