Similar to the same period last year, most equities indices worldwide ended the first quarter of 2026 deeply in the red. The themes that dominated the early weeks of the year, including an upswing in emerging markets, a rotation from tech into other sectors, the ‘AI scare trade’ and ongoing worries about Trump’s tariffs, have…
This research article titled “The Peace That Passes All Understanding”, written by Tom Holland and published with kind permission from Gavekal Research, examines the complexity and fragility of the 14-day ceasefire reached on Tuesday, 7 April, just ahead of Donald Trump’s 8 pm Eastern Time deadline. While the situation remains tenuous, we believe that the…
After more than a decade of disappointment, emerging market equities mounted a strong comeback in 2025. The MSCI Emerging Equities Markets Index surged 33.6% last year, compared to a 21.1% gain posted by its developed markets equivalent. This was a remarkable turnaround from years of underperformance that saw the index drop over 40% from its…
The world economy and markets have experienced multiple disruptions over the past six years. From the COVID-19 economic shutdowns in 2020 and the cost-of-living crisis in 2022, to the 7 October 2023 attacks in Israel and this year’s war in Iran, along with the AI boom and the software bust, we have experienced what it…
