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A Quarter That Outperformed, With Caveats

The bull case for US equities entering 2026 rested on a relatively straightforward set of assumptions: inflation would continue its post-2022 decline toward the Fed's 2% target, theCentral Bankwould respond with rate cuts that would reduce the discount rate applied to futureEarnings, and the …

The deployment of a Pakistani jet squadron and thousands of troops to Saudi Arabia marks a qualitative shift in the regional character of the US-Iran conflict. What began as a bilateral confrontation between Washington and Tehran has progressively drawn in the Gulf Cooperation Council …

The simultaneous wavering of the S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite in Monday's session conceals meaningfully different stories within each index. The Nasdaq's underperformance, relative to both its own recent trend and the other indices, is the most analytically …

Scott Bessent's plan to call on G7 nations to align with the US sanctions regime against Iran addresses a structural vulnerability that has characterised Western economic pressure campaigns for decades: the gap between the headline stringency of sanctions and their practical effectiveness when enforcement …

Pre-market moves in ETFs and futures are imperfect but informative instruments. They reflect the positioning of institutional investors who are reacting to overnight news flow and recalibrating exposures before the cash market opens. Monday's pre-bell decline across equity futures had two clear drivers: the …

The bond vigilante concept entered the financial lexicon in the early 1990s, when James Carville, an adviser to President Clinton, famously remarked that if he were to be reincarnated, he would want to come back as the bond market because it could intimidate everybody. …