Opinion – Thursday 28 August 2025

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U.S. Indices closed higher on Wednesday, with the Russell outperforming and the NASDAQ lagging. Sectors were predominantly firmer, with Energy the clear outperformer while Communication lagged. Tech was bid ahead of NVDA earnings after-hours. T-notes continued to...

Opinion – Wednesday 27 August 2025

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U.S. Indices closed higher with outperformance in Industrials, Financials and Tech, while Consumer Staples, Real Estate and Communication lagged. Stocks had initially pared from highs into the closing bell ahead of a last minute rally. Note, today is the effective...

Opinion – Tuesday 26 August 2025

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U.S. Indices closed lower as the moves on Monday were largely an unwind of the post-dovish Powell moves on Friday. Stocks and bonds were sold while the Dollar was stronger. Stocks were lower with all Indices in the red, while small caps took the largest hit after...

Opinion – Monday 25 August 2025

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U.S. Indices closed at record highs on Friday. Fed Chair Powell set the tone of trade for Friday after he alluded to a September rate cut (more below), despite many expecting the Fed Chair to signal a wait-and-see approach given data is due between now and September...

Opinion – Thursday 21 August 2025

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U.S. Indices saw two-way action on Wednesday but ultimately closed mixed with a downward bias. The big-tech weakness continued to weigh on Indices, while the equal-weight S&P was marginally lower. Elsewhere, T-notes were firmer for a lot of the session but...

Opinion – Wednesday 20 August 2025

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U.S. Indices sold off on Tuesday, with weakness led by the mega-cap tech stocks, seeing the NASDAQ underperform, with the Financial Times citing the tech weakness to a MIT paper questioning returns from new technology, which has punctured Wall Street enthusiasm....

Opinion – Tuesday 19 August 2025

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U.S. Indices were rangebound to start the week, while the Russell 2000 (+0.4%) outperformed in thin newsflow and typical summer trading conditions as focus resided around US/Ukraine/Russia updates. On Friday, after the close, Trump and Putin held a summit, whereby...

Opinion – Monday 18 August 2025

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U.S. Indices traded mostly in the red on Friday as tentativeness was present across markets ahead of the Trump/Putin meeting. Despite US Retail Sales matching expectations in July alongside a stronger-than-expected control figure (a better gauge of core spending),...

Opinion – Thursday 14 August 2025

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U.S. Indices closed higher on Wednesday, but small caps continued to surge while the NASDAQ closed marginally higher. The outperformance in the Russell was led by more dovish rate cut bets, which were bolstered by Treasury Secretary Bessent advocating for a 50bps move...

Opinion – Wednesday 13 August 2025

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U.S. Indices closed at new all-time highs on Tuesday while the Dollar was sold and T-Notes steepened in response to a “not as bad as feared” CPI in the face of President Trump’s tariffs, keeping a September rate cut on the table following the weak...

Opinion – Tuesday 12 August 2025

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U.S. Indices ultimately settled lower to start the week in a day of quiet newsflow, with attention turning to US CPI on Tuesday. Highlights came from over the weekend, where US President Trump approved export licenses for Nvidia (NVDA) and AMD (AMD) to sell chips to...

Opinion – Monday 11 August 2025

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U.S. Indices closed higher on Friday with the majority of sectors firmer, Tech, Communication and Financials outperformed, while Real Estate, Utilities and Industrials lagged. US President Trump announced just before the close on Thursday that CEA Chair Miran will be...

Opinion – Thursday 31 July 2025

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U.S. Indices closed lower as both stocks and Treasuries were sold on Wednesday, while the Dollar saw a notable bid in the wake of a hawkish Fed Chair Powell. In the FOMC rate decision, the central bank held rates at 4.25-4.50%, as expected, with Governors Waller and...

Opinion – Wednesday 30 July 2025

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U.S. Indices closed on Tuesday amid a deluge of earnings, which saw Industrials reside as the sectoral laggard and hit by Boeing (BA) (-4%) and UPS (UPS) (-10.5%) post-results, with the latter weighed on as it did not provide revenue or operating profit guidance amid...