Fahad Hassan, CIO Executive summary US-Israel-Iran conflict has effectively closed the Strait of Hormuz, oil and gas prices are higher. Portfolios had already been defensively positioned — gilts exited, duration cut, UK mid-caps and European small caps removed — all of which have since fallen sharply. Macro The last month has seen a reset of inflation expectations, as the US and Israel entered a conflict with Iran. The Strait of Hormuz, a narrow body of water responsible for

It is impossible to second guess the next move in markets given the underlying complexity of the war in Iran. Particularly given the impact that President Trump’s comments are having on markets. What is becoming increasingly apparent is that even with a swift resolution to the conflict, the disruption from the war will result in inflated energy costs for some time. 

Charlie Parker and Fahad Hassan analyse how the war in Iran, the effective closure of the Strait of Hormuz and the resulting oil shock are rapidly altering inflation, interest‑rate expectations and the dollar.

There can be no doubt that this is a profoundly dangerous moment for the world. The risk that the current conflict in the Middle East becomes an entrenched war that could undermine global economic growth is very real. 

Charlie Parker and Eleanor Williams examine US vulnerabilities in global supply chains, in particular their dependence on Chinese rare earth and drug components. The hosts discuss the short-term risks and policy responses underway to reduce that exposure and where this may lead.

February ended with a sharp escalation in the Middle East that may have materially altered the risk landscape for global markets.

We kick off our American Empire series with a close look at why the US has remained a dominant and resilient global force despite vulnerabilities.

Charlie Parker and Eleanor Williams introduce our new series exploring whether the United States could be entering a period of decline.

Market volatility punctuated the start of 2026 and is continuing into February across all equity markets, with even the star of 2025, precious metals, not shielded from the storm.

The start of 2026 has seen a continued bout of volatility despite a largely positive backdrop for risky assets like shares.

It may be the start of the year, but investors could already be forgiven for feeling they have endured false dawns. Geopolitical anxieties have flared, markets have wobbled and steadied, and New Year optimism has met the stubborn realities of macroeconomics

Global markets were unsettled after reports that US prosecutors had opened a criminal investigation into Federal Reserve Chair Jerome Powell, an unprecedented development that has intensified concerns over the independence of US monetary policy.

Global equities ended 2025 near all-time highs, driven by earnings strength despite persistent political and macro uncertainty.

After three consecutive interest rate cuts, investors now face an increasingly uncertain US monetary policy outlook for the year ahead.

Global political and economic events have been dramatic in recent years, yet stockmarkets have still made progress.

Charlie Parker and Fahad Hassan examine how massive AI-driven investment has shaped 2025’s markets, concentrating gains in a handful of tech leaders and raising valuation and concentration questions.

2025 will be remembered not for the disruptions that dominated headlines, but for the resilience that defied expectations.

Markets are forecasting interest rate cuts across the rich world in the early part of 2026. This offers the potential for improved performance from parts of the global stockmarket that have been less immediately lifted by the growth of artificial intelligence.

Market Commentary - December 2025. It has been a volatile yet fruitful year for investors. November encapsulated both qualities in a single month. What began as an orderly reassessment of artificial intelligence valuations briefly threatened to become something uglier. Bargain hunters and rate-cut optimism then combined to rescue markets from their mid-month lows.

Rebecca Bonner of Trigpoint Financial Planning speaks to Eleanor Williams about the recent UK budget’s practical impact on advisers and their clients.