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Global Market Commentary – January 2025

A Rollercoaster Start to the Year -
2025 has begun with the market’s focus flipping between different topics at a lightning pace. Firstly, government bond yields spiked higher and created alarm about budget deficits. However, lower inflation data made those fears subside and led to a strong rally...

Global Market Commentary – New Year’s Review

We are at a point in time where US stocks are dominating all others, in terms of both their outright size and the strength of their returns. In 2024, the MSCI USA index gained 24.6%, almost double the 12.4% return achieved by the rest of the world (MSCI World ex-USA). However, 2025 does bring a mixed outlook for unemployment and inflation, in the US and elsewhere, therefore it will be interesting to see if investment returns can remain so strong in the coming year.

Global Market Commentary – November 2024

The re-election of Donald Trump to the US Presidency has caused another large rise in US stocks, which were already doing very well. Indeed, his “America first” ideology is reflected in the way US stocks have outperformed others recently.

Global Market Commentary – October 2024

The cost of borrowing has risen sharply in the past few weeks for the UK and US governments. This has caused stock markets to pause for breath after making strong gains.

Autumn Budget 2024 – Review

Yesterday, Chancellor Rachel Reeves delivered her Autumn Statement. We have sifted through the details and hope the following review, which we feel will be the most significant to our clients, will be helpful.

Global Market Commentary – September

Asia remains the centre of attention on the back of a major Chinese stimulus program which has triggered a sharp rally in its stocks. This comes after two months where Japan experienced significant currency volatility and a “flash crash” in its stocks.

Global Market Commentary – August

August began with a “flash crash” in Japanese stocks which declined 20% in the course of three trading days, following sharp movements in foreign exchange rates.

Scotland’s Register of Persons Holding a Controlled Interest in Land – Update

On 1 April 2024, criminal penalties for non-compliance with duties under the Register of Persons Holding a Controlled Interest in Land (“RCI”) came into force. We asked one of our professional colleagues, Louise Johnston, a Partner at leading law firm Turcan Connell, to outline the implications.

QUALIS – Performance Update

It is now more than 12 months since the launch of the MGTS Qualis Funds and in terms of both performance and asset growth, they have been a success.

Global Market Commentary – July

2024 has been a very good year for investors so far, with stock markets in the UK, US and Europe all reaching record highs. Signs of weakness have emerged in recent weeks, as companies report their latest earnings: valuations in the US are high and some profit taking has occurred. The UK stock market appears cheaper, with an improving economy to boot. Many investors believe inflation is finally under control.

Global Market Commentary – June

2024 always promised to be a busy year for elections, with one half of the world’s population heading to the polls. As far as financial markets are concerned, political surprises have now bubbled up in several countries within a short period of time. With much still to be decided by voters, there is greater uncertainty in the short-term investment outlook. However, inflation remains on a declining path in the UK, US and Europe, while economic growth appears strong.

Tax Planning

Wednesday 5 April 2024 sees the end of the current Tax Year. Following the Chancellor's continued plans to freeze and in some case reduce Tax-free allowances, it's more important than ever to make the most of some timely Tax planning.