News

The second quarter of 2026 was exceptionally strong for global stock markets, delivering some of the best returns seen since the post-pandemic recovery period. Most major equity markets rose substantially, with technology companies, particularly those exposed to artificial intelligence (AI), semiconductors and memory chips, being among the strongest performers across the US and Asia. What makes this rally particularly noteworthy is that it occurred despite a challenging backd

Britain's main political parties have refused to contest the Clacton by-election triggered by Nigel Farage's resignation, describing the vote as a political stunt designed to distract from ongoing investigations into his financial declarations. Labour, the Conservatives, Liberal Democrats, Greens and Restore Britain have all ruled out standing candidates, leaving Farage likely to face only minor-party and independent challengers. Reform UK argues the move demonstrates opponen

This week we have been considering two major themes for our clients: a renewed domestic focus on regional growth led by Andy Burnham, and a wider geopolitical shift towards higher defence spending. Undoubtedly both have the potential to influence markets, taxation, public investment and therefore long-term financial planning. The first story concerns Andy Burnham’s proposed “Number 10 North”, a Manchester-based growth unit intended to give the prospective prime minister a str

Oh, for a quiet life. Sadly, there is no chance of that in UK politics as we have the certainty of soon welcoming our 6th Prime Minister since 2019. Andy Burnham returned to Parliament on Monday, and before his train had even arrived in London, Sir Keir Starmer had resigned as leader of the Labour party and therefore also given notice on his time as UK Prime Minister. Burnham is the anointed successor, with his by-election victory widely interpreted as a sign that Labour supp

The Bank of England kept interest rates unchanged yesterday at 3.75%, as falling oil prices eased some of the inflation risks created by the recent Middle East conflict. The Monetary Policy Committee voted 7–2 to hold rates, with two members favouring a small increase due to concerns that higher energy costs could still feed into wages and business pricing. Oil prices had surged when the Strait of Hormuz was disrupted earlier in the year, but they have since declined followin

This week’s client update comes to you a day early. Global equity markets continue to be dominated by developments in artificial intelligence and the broader technology sector, but the latest news flow underlines just how unsettled and unpredictable this part of the market has become. I appreciate that I wrote about artificial intelligence (AI) stocks last week and I do not want this to get boring, however no sooner had we issued last weeks newsletter, than we had strong jobs

In our ongoing political saga, Andy Burnham has formally indicated that he will enter a Labour leadership contest if he wins the Makerfield by election on 18 June, saying he would seek to represent the constituency “at the highest possible level”. His comments follow suggestions that Wes Streeting may also be preparing a leadership bid. Under Labour rules, any challenger must be an MP and secure backing from 81 colleagues. Polling for the by election shows Burnham ahead of Re

I am not sure I completely believe the daily news of a possible peace agreement in the Middle East. Each day a different angle on a breakthrough, and then more bombings and harsh words. Again, today I read that the United States and Iran have reached a tentative agreement to extend the current ceasefire by 60 days while peace talks continue. This comes despite renewed clashes around the Strait of Hormuz, where both sides have exchanged fire as Israel intensifies its operation

The UK political environment continues to shift uneasily, and many clients are naturally asking what a future Labour government might mean for economic policy, taxation, and the performance of UK stock markets. While no election outcome is guaranteed, it is reasonable for clients to consider how different leadership styles and policy priorities could influence the investment landscape. One figure who attracts particular attention is Andy Burnham, the Mayor of Greater Manchest

No Labour Prime Minister has ever been removed from office through a formal leadership contest. I wonder if this fact might change in the coming months. The combination of Andy Burnham’s plan to return to Westminster, Wes Streeting’s resignation, and mounting pressure on Sir Keir Starmer, has created a level of uncertainty that is rippling through UK financial markets. Andy Burnham has formally announced that he will seek Labour’s National Executive Committee (NEC) approval t

Reading back over my weekly emails since the end of March, I seem to have mentioned an end to the Iran / Middle East conflict on a weekly basis, yet here we are still hanging on the news flow. This weeks Memorandum of Understanding issued to Iran by the US, via Pakistan, gives hope for an end to the loss of human life, an opening of the Straits of Hormuz and more stable investment markets and less inflationary pressures as the oil price gradually falls. We keep our fingers cr

Yesterday the Bank of England has maintained interest rates at 3.75%, while indicating that further increases may be required if the ongoing energy shock linked to the conflict in Iran continues to place upward pressure on global prices and, in turn, UK inflation. At its latest meeting, the Monetary Policy Committee (MPC) voted 8–1 to keep rates unchanged for a third consecutive time. The sole dissent came from Huw Pill, the Bank’s Chief Economist, who supported a 0.25 percen

Since I last wrote, economic news continues to be dominated by Middle Eastern tensions, much to the relief of our Prime Minister who would otherwise be front and centre of just about every newspaper, every day this week. He must have thought a few months ago that he was through the worst of his political nightmare. Apparently not. Since stories concerning a resolution to the Iranian conflict surfaced two weeks ago and markets surged, the last fortnight has reflected the deepe

Over the past 48 hours, the geopolitical climate in the Middle East has shifted noticeably, and so has the rhetoric coming from Washington. A rather weary looking President Donald Trump addressed the US nation last night and began signalling a softer, more conciliatory stance stating that the conflict was almost over. This was a sudden change from some of his most forceful threats just days before. Markets, ever sensitive to the ebb and flow of geopolitical risk, have respond

Throughout this week, you may have noticed that US President Donald Trump has occasionally asserted that the United States is engaged in meaningful talks with Iranian leadership to end the ongoing war. He understatedly described Iranians as “great negotiators” and claimed they were “begging to make a deal,” even suggesting that the U.S. and Iran were already aligned on several key points. Trump also implied that his administration had paused certain military actions because n

Major central banks spent this week navigating a delicate balance: maintaining credibility in their inflation fighting campaigns while acknowledging that the escalating conflict involving Iran has injected fresh uncertainty into the global economic outlook. The Federal Reserve, Bank of England, European Central Bank, and several others opted to keep interest rates unchanged, signalling caution rather than complacency as geopolitical tensions threaten to reshape the path of in

It will not surprise you that this week’s missive focuses on the ongoing conflict in the Middle East. Iran’s new supreme leader, Mojtaba Khamenei, has issued his first public statement calling for the Strait of Hormuz to “remain closed”, signalling a hardening of Iran’s strategy. He also warned that Iran would continue targeting US bases in the Gulf, despite intelligence sources suggesting he has already been injured during the conflict. The closure of the strait—through whic

Our thoughts this week have focussed on those caught up in the Middle Eastern conflict centred around Iran and Israel, that has since spread out into the surrounding region. The latest escalation—particularly Iran widening its response beyond Israel and signalling potential disruption to the Strait of Hormuz—has increased concerns about a spike in global energy prices and the risk of a broader economic slowdown. The Strait remains open, but higher insurance costs and the thre

What a confusing world we find ourselves in. Cast your mind back ten years – imagine one of the leading businesses in the marketplace announcing forecast revenue of $78 billion dollars in a three-month period, and its share price doesn’t react. That is indeed strange, but here we are today. Chip maker Nvidia’s latest earnings underline the scale of the AI boom but also how nervous investors have become about how long it can last. The company delivered another blockbuster quar

For once, the UK’s inflation story is drifting from grim to vaguely cheerful. After four years of outpacing the US and euro area, and after a 3.4% rise in prices over the past year, inflation now looks set to drop sharply. Come April, it is expected to fall to around 2%, basically bang on the Bank of England’s target. Even President Trump might secretly envy a central bank that looks like it can actually hit 2%. Three forces are doing the heavy lifting. First, energy. The c