New article from Tatton Investment Management: Goodbye to all that

18 December 2020, 12:00am

December usually has a ring of ‘Silent Night’ in the investment world and, in a year where practically all else has changed, at least this has stayed the same. In the UK, news that millions more would be placed under tougher restrictions over the Christmas period may have felt deflating, but it was hardly unexpected and failed to get a peep out of capital markets.
 
The same goes for the other big headlines of the week. Brexit negotiations were yet again kicked down the road, now with the European Parliament declaring that a deal must be agreed by Sunday to have any hope of being ratified in time (with a fiery look in their eyes saying this time we really mean it). The US election officially ended, with the Electoral College confirming President-elect Joe Biden’s victory and Republicans finally offering their congratulations (Donald Trump and his ‘MAGA’ supporters notwithstanding). Further progress came on the European Union’s €1.8 trillion recovery fund, after Hungary and Poland dropped their ‘Rule of Law mechanism’ complaints. And the US Federal Reserve (Fed) extended its debt purchase programme, but stopped short of calls to lengthen the average maturity of its bond purchases. All big stories, very little news.

Nonetheless, we come to the end of a year to forget, amid a crisis to remember. And, as 2021 approaches, there is a sense that a chapter is closing. Vaccines have been approved and are being rolled out across the UK and US, with the world set to follow. Britain’s future arrangements with our largest trading partner will soon be settled – one way or the other. And, the most divisive US President in modern times is in his final days in office. We refer readers to our 2021 outlook released last week for a more detailed breakdown of our future expectations. But below, we look into these stories and what changes they may bring from before.
 
COVID
 
The pandemic and global shutdown has wreaked havoc on the global economy, leading to the largest downturn in activity ever recorded. But with the vaccination programme now in full swing, the end is in sight, hopefully. Markets appear to have priced in a lot of this hope. 
 
With restrictions now re-imposed on swathes of the global population, it might be hard for investors to get more excited about the near future. But immunised populations will lead to a thawing of the economic ice age, and – barring any crises of a different nature – another leg up in activity is practically a certainty.

UK headlines this week have noted a new strain of coronavirus infecting hundreds in some areas. While understandably scary, we should remind ourselves this is not surprising. Viruses exist because they mutate. There is little to suggest this new strain is bad news – either in terms of its effects or its resistance to vaccines. Crucially, vaccine researchers do not seem especially worried, given that new vaccine methods can potentially adjust relatively quicky to new versions of the virus.
 
We are confident in rebounding activity next year, but 1 January will not bring the old normal back. For the first half of 2021 at least, the economic outlook should improve but it may not be strong. Much depends on how effectively vaccinations can be implemented and further spread contained. We wrote in last week’s outlook that, for financial risk assets particularly, a big rebound has already been priced in. Although Investors are not inordinately optimistic (as we discuss further down), to see upside in markets, we will need the expected economic growth to clearly translate into corporate profit growth. Due to historically easy financial conditions, this is a likely outcome, but we should be wary. Even if activity comes back strongly, that does not necessarily mean companies and markets will benefit.

US
 
The pandemic has been so all-encompassing it is easy to forget what the big stories even were before it. But the Donald Trump presidency has been a phenomenon all of its own. For markets, there have been plenty of positives to come out of the White House over the last four years – tax breaks and supercharged US growth foremost among them. But every silver lining has been accompanied by a grey cloud. From his first days in office, Trump launched a series of trade wars against the US’ biggest trading partners. Tit-for-tat tariffs on Chinese goods, barriers to trade and finger-pointing at the EU have all greatly upset the globalised world order built up since the 1980s. The President has managed to rip the fabric of the global economy in a way that would have seemed unthinkable five years ago.
 
With Joe Biden in the White House, the world can certainly expect some respite. But we should not get ahead of ourselves. Trump received the second-highest vote tally of any presidential candidate in November, a clear signal that Trumpism is not going away any time soon. This is sure to affect the politics of the Republican Party, stil favourite to retain control of the Senate, which could block vast portions of Biden’s agenda. Even if Biden successfully undoes the Trump-era changes domestically, the international stage is a different story. The era of unfettered globalisation is over and is not coming back, evidenced by the fact that anti-China sentiment has rare bipartisan support in Washington.

Even here though, a Biden presidency comes with an undoubtable improvement on the last four years, and should at least bring stability to international relations. Trump’s erraticism on the world stage made it impossible to predict where negotiations of any kind would end up, or what damage would be done along the way. Even if policy itself does not change too much, the mere fact of having a less incendiary president will be a plus for markets.

Where this is likely to do the most good is on environmental policy. Climate change can only be tackled at the global level, and Biden has already promised to re-join the Paris Accord when taking office. The EU is already in the process of drafting plans for unified global climate standards (including taxonomy of activity and CO2 trading standards) and has been eyeing China as a potential partner here for some time. With the green movement top of Biden’s agenda, European politicians are likely to find a willing partner in the US. This marks a huge change from the last four years – and could well be the first real test of how far world leaders are willing to go to cooperate in the face of global problems.

UK
 
Brexit means Brexit. But with less than two weeks until the UK stops operating under EU law, we are still trying to figure out exactly what that means. To recap, we have stressed many times that the stakes are too high and the barriers too low for Britain and the EU to not reach some form of trade deal before we crash out on 1 January. The last few weeks have been a real test of that faith, but we are still in agreement with implied market expectations that we will at least see a ‘skinny deal’ by the end of the year. Even if we do not, however, the point remains that – for better or worse – the Brexit drama is in its season finale.
 
After nearly five years of constant Brexit chatter, that is as welcome as it is difficult to comprehend. There are various points to consider here, however;
 
First, whatever the outcome, the simple fact that businesses and individuals will be able to trade with certainty over the future conditions will be a huge relief. As always with Brexit, even here we have to add a word of caution: if the UK exited the EU without any trade deal, and fell back onto World Trade Organisation (WTO) terms, it is likely that at some point, trade negotiations would start again. This relies simply on the fact that most countries globally strive for agreements on top of WTO standards. With a no-deal Brexit, the starting point would of course be one of “tabula rasa” (clean slate).

Second, this does not mean that things will all be fine – even if a skinny deal is reached. To a large extent, the Brexit damage is already done, with businesses having confirmed plans to cease UK operations and years of divestment from global investors contributing to extremely weak productivity in Britain. But third, there may still be upside in UK assets – if only for the fact they have been so underbought for so long.
 
There is another aspect of all this. While 2021 will be the year when Brexit gets put to bed, this does not necessarily mean the end of confrontational international politics. Any deal achieved by the end of this year will have significant gaps in it – on the services and financial sector in particular – and those areas will need ongoing negotiations, perhaps indefinitely (as is the nature of international regulation). Given that Boris Johnson’s government has already set the tone to brinkmanship, we could see more of it in the future.
 
This belies a deeper political point: Johnson’s government is the Brexit government. Fighting hard for Britain against stifling foreign politicians is its primary mandate. This means the UK is the mirror opposite of the US. Over there, international issues (with China) remain, but with a less combative administration. Here, the issues are clearing, but the combative administration remains. The substance will be different next year, but the style could well be the same – and that in itself presents problems for markets.

We have already seen glimpses of this on the aforementioned environmental policy. While the EU is keen to set up international regulations for CO2 standards, the UK will operate its own CO2 trading regime from January 2021. There is certainly scope for co-operation, but for now the facts point towards fragmentation, not a global carbon market. CO2 markets are still in their infancy, but signs are emerging that national interests could lead to a grab for market share, rather than a coordinated attempt at solving global issues.
 
Of course, none of this is set in stone, and the recent departure of Johnson’s Chief Adviser Dominic Cummings, brought suggestions that the combative style of politics might be waning for this government. This has not borne out yet, but we wait to see what 2021 brings.
 
And all the rest…

Equity markets this week have, yet again, been broadly positive. The Fed’s Open Market Committee made no substantive policy changes, but (reading between the lines) it tweaked its statement from November’s “loose monetary policy for some time” to “REALLY loose monetary policy for as long as we could possibly need”. Few would disagree that policy is ultra-loose, given that Goldman Sachs’ measure of US financial conditions has plunged during December to the easiest level since it started in 1991. It has surpassed the previous levels seen after the 1998 Emerging Market Debt crisis (and Russia’s default) when the Fed acted to cut rates by 0.75%, despite a strong economy. The dot.com bubble ensued.
 
The Fed’s sentiments helped maintain investor optimism. Of course, equity indices are trading at very high valuations, with the S&P 500 ending the year at a price/earnings ratio of 27 times 2020 expected earnings. So, have investors lost all caution? Are they taking any insurance?
 
Options are a way that investors can insure their portfolios against downside. According to multiple reports, options trading across different markets has been growing through the course of the year. In the past, that has been a warning sign for financial stability, given that options can be used to gear up positions. This  is no ordinary year, however. Much like the crisis of 2008, ‘external’ risks (such as the virus and its impacts on politics, events which can happen without notice) are perceived as high. At the same time, policy responses have been huge and will bring benefits should those risks fail to  materialise.

If investors judge that the market’s upside is good, but risks are still close by, investors will buy the market and be prepared to pay a relatively high premium for protecting against downside. Should the cost of protection start to fall, investors can then afford to buy a bit more upside. Even though markets have become less volatile over the past few weeks, options premia have not cheapened much. Indeed, investors remain prepared to pay an historically high price for protection, as we can see by using the VIX index in the chart:




This show that - even though equity markets are expensive at price-to-earnings ratios and are prcing in a hefy economic recovery next year- the risks are clear, and investors are still cautious. As and when the risks lessen, investors should become less fearful, optio premia will fall further, and equity markets should reap the benefits. Here's to a good 2021. 

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New article from Tatton Investment Management: US Election Update

2 November 2020, 12:00am

New video from Tatton Investment Management: US election, the response to the pandemic and Brexit

30 October 2020, 12:00am

New article from Tatton Investment Management: Unsettled week ahead - or behind

26 October 2020, 12:00am

New article from Tatton Investment Management: Sunlit uplands or COVID gorge?

21 October 2020, 12:00am

New article from Tatton Investment Management: Sunlit uplands or COVID gorge?

19 October 2020, 12:00am

New article from Tatton Investment Management: Watching and waiting

12 October 2020, 12:00am

New article from Tatton Investment Management: Baffling market optimism

2 October 2020, 12:00am

New article from Tatton Investment Management: A question of time horizons

25 September 2020, 12:00am

New article from Tatton Investment Management: A recovery on hold

18 September 2020, 12:00am

New article from Tatton Investment Management: Taking a step back to look forward

14 September 2020, 12:00am

New article from Tatton Investment Management: Frictions and contradictions

7 September 2020, 12:00am

New article from Tatton Investment Management: Market dynamic of a K-shaped recovery

1 September 2020, 12:00am

New article from Tatton Investment Management: Big tech gets bigger while the Fed takes the easy opt

24 August 2020, 12:00am

New article from Tatton Investment Management: Fed leaves bond investors with that sinking feeling

17 August 2020, 12:00am

New article from Tatton Investment Management: COVID II the sequel - as scary as the original?

10 August 2020, 12:00am

New article from Tatton Investment Management: July brings consolidation

2 August 2020, 12:00am

New article from Tatton Investment Management: Sunshine and shadows

27 July 2020, 12:00am

New article from Tatton Investment Management: PPE = Politics, Pressure and Economics

20 July 2020, 12:00am

New article from Tatton Investment Management: Discomfort of disappearing safety nets

13 July 2020, 12:00am

New article from Tatton Investment Management: Fast and freewheeling

3 July 2020, 12:00am

New article from Tatton Investment Management: H1 2020 offers meaningful lessons

29 June 2020, 12:00am

New article from Tatton Investment Management: Support balances increasing strains - for how long?

22 June 2020, 12:00am

New article from Tatton Investment Management: Equity valuations follow bond valuations' lead

15 June 2020, 12:00am

New article from Tatton Investment Management: Stock markets suffer altitude sickness

8 June 2020, 12:00am

New article from Tatton Investment Management: Markets are enjoying an uncomfortably benign pandemic

1 June 2020, 12:00am

New article from Tatton Investment Management: Optimistic markets despite second wave lockdown threa

26 May 2020, 12:00am

New article from Tatton Investment Management: Just as the sun comes out, clouds appear in the East

22 May 2020, 12:00am

New video from Tatton Investment Management

18 May 2020, 12:00am

New article from Tatton Investment Management: Us-China cold war: Threat or blessing?

11 May 2020, 12:00am

New article from Tatton Investment Management: Most welcome, if feeble, signs of pulling together

4 May 2020, 12:00am

New article from Tatton Investment Management: Opening-up will be slower than locking down

27 April 2020, 12:00am

New article from Tatton Investment Management: V or U-shaped recovery scenarios - the jury is out

20 April 2020, 12:00am

New article from Tatton Investment Management: Lifting lockdown remains a delicate balancing act

20 April 2020, 12:00am

New video from Tatton Investment Management: Stock markets between hope and despair

15 April 2020, 12:00am

New video from Tatton Investment Management: Is now the time to invest?

13 April 2020, 12:00am

New article from Tatton Investment Management: Fading threat of financial crisis re-opens old divide

6 April 2020, 12:00am

New article from Tatton Investment Management: Unprecedented quarter or calm before the storm?

30 March 2020, 12:00am

New article from Tatton Investment Management: Extraordinary: bear and bull market all in one

24 March 2020, 12:00am

New video from Tatton Investment Management: Why have stock markets appeared to rally on the lock-do

23 March 2020, 12:00am

New article from Tatton Investment Management: Government ordered recession

19 March 2020, 12:00am

New video from Tatton Investment Management: Confusion reigns in Capital Markets

18 March 2020, 12:00am

New article from Tatton Investment Management: Why aren't you doing something?

17 March 2020, 12:00am

New video from Tatton Investment Management: From euphoric recovery to depressed tumble

16 March 2020, 12:00am

New article from Tatton Investment Management: Notes on a crash: the short, the medium and long term

13 March 2020, 12:00am

New video from Tatton Investment Management: Panic equity selling or panic raising of precautionar

12 March 2020, 12:00am

New article from Tatton Investment Management: Forced sellers and other distractions

9 March 2020, 12:00am

New article from Tatton Investment Management: Dark times or glimpse of light at the end of the tunn

6 March 2020, 12:00am

New article from Tatton Investment Management: News of a reverse oil price shock rattles markets bey

2 March 2020, 12:00am

New article from Tatton Investment Management: Coronavirus - hitting too close to home

28 February 2020, 12:00am

New article from Tatton Investment Management: This week's market correction requires perspective

26 February 2020, 12:00am

New article from Tatton Investment Management: COVID-19 and the reaction of markets to pandemic fear

24 February 2020, 12:00am

New article from Tatton Investment Management: US markets hit new all-time highs and a 'bump'

17 February 2020, 12:00am

New article from Tatton Investment Management: V-shaped recovery for Valentine

10 February 2020, 12:00am

New article from Tatton Investment Management: Markets show no fear - should they?

3 February 2020, 12:00am

New article from Tatton Investment Management: Looking through the noise of the week

27 January 2020, 12:00am

New article from Tatton Investment Management: Short break to Goldilocks?

20 January 2020, 12:00am

New article from Tatton Investment Management: Parallels and differences to January 2018

14 January 2020, 12:00am

Appointment of Joint Broker

13 January 2020, 12:00am

New article from Tatton Investment Management: So far so good

8 January 2020, 12:00am

Tatton: Woodford & M&G suspensions have driven IFAs to us

6 January 2020, 12:00am

New article from Tatton Investment Management: 2020 starts with a Trump card

23 December 2019, 12:00am

New article from Tatton Investment Management: Goodbye 2019 - welcome 2020 and a new decade!

16 December 2019, 12:00am

New article from Tatton Investment Management: Brightening horizons - 2020 Outlook

8 December 2019, 12:00am

New article from Tatton Investment Management: Can Trump derail the 2020 economic upturn?

2 December 2019, 12:00am

New article from Tatton Investment Management: Markets are driving the markets

25 November 2019, 12:00am

New article from Tatton Investment Management: Markets pause for reality check

18 November 2019, 12:00am

New article from Tatton Investment Management: Swilling cash eases the market mood music

11 November 2019, 12:00am

New article from Tatton Investment Management: Recession concerns retreat

11 November 2019, 12:00am

Interim Results for the six months ended 30 September 2019

4 November 2019, 12:00am

New article from Tatton Investment Management: Crucial October period safely behind

28 October 2019, 12:00am

New article from Tatton Investment Management: Slowly turning

21 October 2019, 12:00am

New article from Tatton Investment Management: Brexit breakthrough versus Brexit fatigue

17 October 2019, 12:00am

Trading Statement

17 October 2019, 12:00am

Acquisition of Sinfonia Asset Management Limited (SAM)

14 October 2019, 12:00am

New article from Tatton Investment Management: Market sentiment rebound

7 October 2019, 12:00am

New article from Tatton Investment Management: Stall speed economy fears spreading

30 September 2019, 12:00am

New article from Tatton Investment Management: Ominous US-Dollar strength

23 September 2019, 12:00am

New article from Tatton Investment Management: Diverging economic trends - catalyst for trade war re

16 September 2019, 12:00am

New article from Tatton Investment Management: Market sentiment rebound

9 September 2019, 12:00am

New article from Tatton Investment Management: Choppy water but no storm, yet...

2 September 2019, 12:00am

New article from Tatton Investment Management: Fattening 'tails'

27 August 2019, 12:00am

New article from Tatton Investment Management: Populism politics reversing austerity?

19 August 2019, 12:00am

New article from Tatton Investment Management: Market spat between bond and equity markets

11 August 2019, 12:00am

New article from Tatton Investment Management: Bond markets unnerve equity markets - again

5 August 2019, 12:00am

New article from Tatton Investment Management: The Elephant and the Little Old Lady

29 July 2019, 12:00am

New article from Tatton Investment Management: The quick and the not-so-quick

22 July 2019, 12:00am

New article from Tatton Investment Management: ...'Twere well it were done quickly

15 July 2019, 12:00am

New article from Tatton Investment Management: Positioning for a summer of wait and see

8 July 2019, 12:00am

New article from Tatton Investment Management: Liquidity drives stock markets to new highs

1 July 2019, 12:00am

New article from Tatton Investment Management: The middle of the year - a tipping point?

24 June 2019, 12:00am

New article from Tatton Investment Management: Battle of the ‘doves’

17 June 2019, 12:00am

New article from Tatton Investment Management: Mixed messages

10 June 2019, 12:00am

New article from Tatton Investment Management: The return of the central bank put?

3 June 2019, 12:00am

Appointment by Tenet Group

3 June 2019, 12:00am

Appointment by Frenkel Topping

3 June 2019, 12:00am

Preliminary Results For the year ended 31 March 2019

3 June 2019, 12:00am

New article from Tatton Investment Management: Bond rally musings

27 May 2019, 12:00am

New article from Tatton Investment Management: It is getting warmer

20 May 2019, 12:00am

New article from Tatton Investment Management: Market support for Trump or unwarranted equanimity?

13 May 2019, 12:00am

New article from Tatton Investment Management: Geopolitics re-enter market stage

7 May 2019, 12:00am

New article from Tatton Investment Management: Central banks disappoint expectations

29 April 2019, 12:00am

New article from Tatton Investment Management: Waning market stimuli put stock markets on notice

23 April 2019, 12:00am

New article from Tatton Investment Management: Spring time from here?

16 April 2019, 12:00am

Trading Statement for 12 months ending 31 March 2019

15 April 2019, 12:00am

New article from Tatton Investment Management: Brexit in-limbo aside sentiment is improving

8 April 2019, 12:00am

New article from Tatton Investment Management: Happy 10th birthday, choppy bull market

1 April 2019, 12:00am

New article from Tatton Investment Management:29 March 2019 – quarter end

25 March 2019, 12:00am

New article from Tatton Investment Management: Brinkmanship and extensions

18 March 2019, 12:00am

New article from Tatton Investment Management: Bits & Pieces

11 March 2019, 12:00am

New article from Tatton Investment Management: ECB stimulus U-turn leaves markets unimpressed

4 March 2019, 12:00am

New article from Tatton Investment Management: £-Sterling ‘applauds’ prospect of Brexit delay

25 February 2019, 12:00am

New article from Tatton Investment Management: Progress?

18 February 2019, 12:00am

New article from Tatton Investment Management: Investment perspectives for different Brexit outcomes

15 November 2018, 12:00am

Interim Results for the six months ended 30 September 2018

15 October 2018, 12:00am

New article from Tatton Investment Management: Autopsy of a stock market sell-off

1 October 2018, 12:00am

New article from Tatton Investment Management: Poor politics containing bond market risks?

27 September 2018, 12:00am

New article from Tatton Investment Management: Brexit clamour vs. real market new

7 September 2018, 12:00am

New article from Tatton Investment Management: Interesting times ahead

31 August 2018, 12:00am

New article from Tatton Investment Management: “Not the end of the world”

24 August 2018, 12:00am

New article from Tatton Investment Management: Steady markets vs. noisy politics

17 August 2018, 12:00am

New article from Tatton Investment Management: Political strongman tactics come home to roost

10 August 2018, 12:00am

New article from Tatton Investment Management: Summer heat wave makes way for return of political he

3 August 2018, 12:00am

New article from Tatton Investment Management: A gentle deceleration?

27 July 2018, 12:00am

New article from Tatton Investment Management: Hot air for a hot summer?

20 July 2018, 12:00am

New article from Tatton Investment Management:Earnings are growing, why worry?

13 July 2018, 12:00am

New article from Tatton Investment Management: Hard Brexit demonstration potential?

6 July 2018, 12:00am

Notice of Annual General Meeting

6 July 2018, 12:00am

New article from Tatton Investment Management: It is getting hot

29 June 2018, 12:00am

New article from Tatton Investment Management: Digesting or consolidating?

27 June 2018, 12:00am

Preliminary Results for the year ended 31 March 2018

22 June 2018, 12:00am

New article from Tatton Investment Management: Fragile recovery

15 June 2018, 12:00am

New article from Tatton Investment Management: No surprises

8 June 2018, 12:00am

New article from Tatton Investment Management: Delicate equilibrium

1 June 2018, 12:00am

New article from Tatton Investment Management: Ignore politics at your peril

25 May 2018, 12:00am

New article from Tatton Investment Management: GDPR? No - far more interesting news!

18 May 2018, 12:00am

New article from Tatton Investment Management: What's the economic reality of this week's news?

11 May 2018, 12:00am

New article from Tatton Investment Management: Batten-down-the-hatches?

4 May 2018, 12:00am

New article from Tatton Investment Management: Past the peak?

27 April 2018, 12:00am

New article from Tatton Investment Management: Confusing signals?

20 April 2018, 12:00am

New article from Tatton Investment Management: A mixture of messages

6 April 2018, 12:00am

New article from Tatton Investment Management: Could do better

6 April 2018, 12:00am

New article from Tatton Investment Management: Peaking, plateauing or dimming – and how about that

29 March 2018, 12:00am

New article from Tatton Investment Management: End of a stormy quarter

23 March 2018, 12:00am

New article from Tatton Investment Management: Now we know it's risky!

16 March 2018, 12:00am

New article from Tatton Investment Management: Back to Normal?

9 March 2018, 12:00am

New article from Tatton Investment Management: Tariffs to growth

2 March 2018, 12:00am

New article from Tatton Investment Management: Time to take some profits

23 February 2018, 12:00am

New article from Tatton Investment Management: Change of direction or gradual normalisation?

16 February 2018, 12:00am

New article from Tatton Investment Management: Breathing easier for the moment

9 February 2018, 12:00am

New article from Tatton Investment Management: Meteoric stock markets crash bac

6 February 2018, 12:00am

Tatton Investment Management's Stock Market Correction Assessment

2 February 2018, 12:00am

New article from Tatton Investment Management: Good news turns bad news - again!

26 January 2018, 12:00am

New article from Tatton Investment Management: Surprises

19 January 2018, 12:00am

New article from Tatton Investment Management: US$ weakness versus Bitcoin and Carillion

12 January 2018, 12:00am

New article from Tatton Investment Management: Bullish sentiment rings alarm bells

5 January 2018, 12:00am

New article from Tatton Investment Management: Encouraging kick-off

15 December 2017, 12:00am

New article from Tatton Investment Management: 2017 - taking stock

8 December 2017, 12:00am

New article from Tatton Investment Management: Progress versus Bitcoin

5 December 2017, 12:00am

Interim results for the six months ended 30 September 2017

1 December 2017, 12:00am

New article from Tatton Investment Management: Sudden, but not entirely unexpected

24 November 2017, 12:00am

New article from Tatton Investment Management: Invincible markets?

17 November 2017, 12:00am

New article from Tatton Investment Management: Yield-curve flattening: a bad omen?

10 November 2017, 12:00am

New article from Tatton Investment Management: Nervous investors herald more volatile markets

3 November 2017, 12:00am

New article from Tatton Investment Management: UK rate rise: ‘one and done’ or beginning of rate

27 October 2017, 12:00am

New article from Tatton Investment Management: Trick or treat season

13 October 2017, 12:00am

New article from Tatton Investment Management: All-time highs and Q3 results outlook: Reasons to be

6 October 2017, 12:00am

New article from Tatton Investment Management: Bad news – good news

29 September 2017, 12:00am

New article from Tatton Investment Management: Movements

22 September 2017, 12:00am

New article from Tatton Investment Management: QT to reverse QE and 2-year transition period to soft

15 September 2017, 12:00am

New article from Tatton Investment Management: BoE guides for year-end rate hike - Bluff or real?

8 September 2017, 12:00am

New article from Tatton Investment Management: ‘Back to school’ amidst hurricanes, earthquakes

1 September 2017, 12:00am

New article from Tatton Investment Management: Bad news, Good news

25 August 2017, 12:00am

New article from Tatton Investment Management: Summer low or summer lull?

18 August 2017, 12:00am

New article from Tatton Investment Management: More sellers than buyers

11 August 2017, 12:00am

New article from Tatton Investment Management: Stocks take note of North Korea crisis - or do they?

4 August 2017, 12:00am

New article from Tatton Investment Management: Consolidated base but momentum dwindling

28 July 2017, 12:00am

New article from Tatton Investment Management: Summer thoughts about the ‘longer term’

21 July 2017, 12:00am

New article from Tatton Investment Management: Summer lull - delayed

14 July 2017, 12:00am

New article from Tatton Investment Management: Pre summer-holiday investment check

7 July 2017, 12:00am

New article from Tatton Investment Management: Global growth ploughs on while markets take a breathe

23 June 2017, 12:00am

New article from Tatton Investment Management: Quo Vadis Britain?