Four members of the Magnificent Seven Big Tech companies reported robust first-quarter earnings yesterday, making it one of the most consequential days of the earnings season. The four companies – Amazon, Alphabet, Microsoft and Meta – account for 17% of the S&P 500 market capitalisation and are bellwethers for the direction of Artificial Intelligence (AI)…
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Global equities markets have traded relatively flat this week, holding on to the exceptionally strong gains they have made so far in April. Not only have the markets fully reversed the rout seen in March, but the S&P 500 and Nasdaq have continued to edge their way to new highs. And with the Dow Jones…
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Markets were awash in red ink in March 2026 as investors digested the impact of US and Israeli military action against Iran on oil markets and global supply chains. In one month, the S&P 500 lost 5.4% of its value, the Nasdaq shed 7.1%, and the MSCI World dropped 6.4%. But not for the first…
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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…
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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…
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