FX Markets Update Why is the yen still so weak? The Japanese yen continues to suffer from the wide monetary policy gap between Japan and other major economies. We think that gap will gradually narrow and the yen recover some ground over the next... 14th November 2025 · 5 mins read
Capital Daily Chinese equities’ relative resilience to the AI nerves China’s stock market has fared better than many as investor confidence in the AI boom has faltered, despite having benefited from that boom this year. We suspect it would continue to outperform the US... 14th November 2025 · 4 mins read
Capital Daily What to make of the outperformance of European equities Despite outperforming so far this week, we suspect equities in Europe will ultimately fall behind their peers in the US again through the end of 2026. 13th November 2025 · 4 mins read
Bonds Focus Will Gilts remain the sick man of the bond market? We think long-dated Gilt yields will fall over the next year, ensuring they no longer remain an outlier in the G7. That’s mainly because we expect inflation to fall sharply in 2026 and allow the Bank... 13th November 2025 · 21 mins read
Capital Daily Performance of the average stock is not yet a cause for alarm Although the failure of the average US large-cap equity to make any progress since late August is reminiscent of the final stages of the dotcom bubble, we think that some key differences under the... 12th November 2025 · 4 mins read
Capital Daily Gilt yields probably have further to fall We think a continued softening of the UK labour market and a sizeable tightening of fiscal policy later this month means that the Bank of England (BoE) will cut its policy rate further over the next... 11th November 2025 · 5 mins read
Capital Daily Tech share meltdown, end of the shutdown? Jitters around US tech stocks reinforce the extent to which the market has become reliant on continued AI optimism. We see little on the fundamentals, though, that points to an imminent bursting of... 10th November 2025 · 5 mins read
India Economics Weekly Equity market underperformance has further to run Foreign investors returned as net buyers of Indian equities over the past month. But we doubt this marks the start of a sustained or broad-based recovery in confidence toward India’s equity market... 7th November 2025 · 4 mins read
Capital Daily Tariffs under threat: what it might mean for markets The abolition of tariffs justified under the International Emergency Economic Powers Act would be bad news for Treasuries, and perhaps not as good for the US dollar and stock market as it might seem. 6th November 2025 · 4 mins read
Japan Chart Pack Japan Chart Pack (Nov. 25) Our Japan Chart Pack has been updated with the latest data and our analysis of recent developments. GDP growth will slow from its current above-trend rate to a more sustainable pace. However, with... 6th November 2025 · 1 min read
Capital Daily Waning enthusiasm for AI would weigh on Asian stock markets If today’s respite in stock markets doesn’t last, some tech-heavy ones in Asia would be particularly vulnerable to a deeper AI-related pull-back judging by their performance overnight. 5th November 2025 · 4 mins read
Emerging Europe Economics Update Romania’s fiscal consolidation faces big challenges Romania has seen one of the largest bond market rallies across EMs in the past six months, but we think a further sustained fall in yields is unlikely. A lot more fiscal tightening is needed to... 5th November 2025 · 4 mins read
Capital Daily Reliance on tech is a double-edged sword The S&P 500’s reliance on big-tech sectors to drive returns is clearly problematic when sentiment towards those sectors sours, as has happened today. But we think this reliance will ultimately... 4th November 2025 · 4 mins read
Asset Allocation Chart Pack Interactive Markets Chart Pack We have updated our Interactive Markets Chart Pack with our views on the latest developments in global markets, and how we expect them to perform over the coming years. Note: This Chart Pack is... 3rd November 2025 (Updated 3rd November 2025) · 1 min read
Australia & New Zealand Chart Pack ANZ Chart Pack (Nov. 2025) Recent developments reinforce the divergent outlooks for the Antipodean economies. The RBA has cut rates by just 75bp so far. Given the relative resilience of the Australian economy and ongoing signs... 3rd November 2025 · 1 min read
Capital Daily AI rally keeps on trucking in spite of the Fed A more hawkish tone from the Fed and a mixed reaction to recent big tech earnings reports presents another potential speedbump for risky assets. Ultimately, we think continued robust US growth... 3rd November 2025 · 6 mins read
