Every monthly market commentary we have published, collected in one place.
Global equities advanced 5.4% on peace hopes, falling oil prices and surging technology stocks, while a hot US economy revived the prospect of higher interest rates.
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Global equities rose 6.3% as a ceasefire between the US and Iran and a strong earnings season restored investor confidence, while inflation risks quietly built beneath the surface.
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Global equities and bonds fell as the outbreak of conflict repriced inflation and interest rates, while energy posted its largest one-month gain on record.
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Global equities rose 1.2% as capital rotated from high-valuation technology into value, with the UK and Japan strong, before month-end strikes on Iran unsettled markets.
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Markets outside the US led the start of the year, with emerging markets and the UK strong as the FTSE 100 broke 10,000 for the first time.
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Global equities closed an exceptional year at record highs, with the UK up 22% and precious metals the standout, as diversification beyond US technology was rewarded.
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Global equities slipped 0.8% as AI valuations wobbled and the longest US government shutdown ended, while precious metals and miners extended their run.
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Global equities powered ahead 4.5% as investors looked through a US government shutdown and renewed trade tensions, while we trimmed gold profits in favour of unloved energy.
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Global equities rose 3.6% for a fifth consecutive month as the Fed pivoted towards lower rates, with emerging markets up 7.5%, gold rising 12% and silver 18%.
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Global equities ground out new highs as the Federal Reserve signalled a pivot towards easing, while UK borrowing costs rose to 27-year highs ahead of the Budget.
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Global markets reached a fresh record high, with the FTSE 100 closing above 9,000 for the first time as rate-cut hopes drove a rotation into cyclical sectors.
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Further solid gains as trade agreements took shape, with US equities at a new high, Nvidia the first $4 trillion company and silver surging 8.5%.
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Global equities advanced 4.9% as easing trade tensions reduced recession fears, with UK small caps surging 7.7%, while fiscal concerns pushed bond yields higher.
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US equities lost more than 10% in two sessions after sweeping tariff announcements before recovering to close 3.9% lower, while gold briefly surpassed $3,500 an ounce for the first time.
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Global equities closed 2% lower as US mega-cap technology weakened, while the UK and Europe stayed strong, China surged 10.3% and gold set a fresh record at $2,900 an ounce.
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Global equities rose 4.4%, led by Europe and the UK, as Chinese start-up DeepSeek challenged US leadership in AI and gold leapt a further 7% to a new record high.
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The Santa rally ended early on a hawkish Federal Reserve statement, with major developed markets down 1%, while gold added 3.2% to close the year over 30% higher.
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Global markets rose a further 3.6% as US equities surged 6.7% to new all-time highs following the Presidential election, with small caps up 11.4% and the UK rebounding 2.6%.
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Global equities closed 2.3% higher in a month dominated by the UK Budget and the US elections, while gold rose 4.2% on unprecedented central bank buying.
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A 0.5% Federal Reserve cut and China's largest stimulus package since the pandemic, sending Chinese shares 21% higher, turned an early sell-off into a flat month.
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Global equities advanced 0.5% over the two months as the UK led with a 3.2% gain and a 6% surge in small caps, while gold hit a new record high.
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Global equities advanced 3% as the US made new highs on a 6% tech recovery and Nvidia briefly topped $3 trillion, while French political uncertainty weighed on Europe.
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Financial markets rebounded strongly, with global equities up 3%, the UK at a record high, smaller companies gaining 6% and both copper and gold at fresh record highs.
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After six months of exceptional strength, April was more mixed: the UK gained 3% to a new record high while the US and Japan fell 4% and 3%, and copper jumped 15%.
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Global equities rose 3% as central banks kept rate-cut hopes on track, the UK led major markets with a 5% gain, and gold set a fresh record above $2,300 an ounce.
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US and Japanese equities rose 6% to record highs, Japan's first since December 1989, while rate-cut expectations were scaled back from six to three.
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The Fed signalled rate cuts ahead, powering the US index up 5% to within touching distance of its record high, while gold hit a new record above $2,135 and bonds rallied sharply.
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Global equities surged 4% in one of the strongest months since 1969, with the US up 5%, small caps leaping 7%, and gold breaking through to a record $2,138.
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Global equities fell 2% as conflict in the Middle East prompted a flight from risk assets; gold surged 10% while the US 10-year yield briefly crossed 5% for the first time since 2007.
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Global markets drifted lower as the Fed's higher-for-longer stance pushed the US 10-year yield to 4.8%, while the UK bucked the trend with a 3% gain.
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Global equities and bonds both closed 1% higher as gains in July met profit-taking in August, while UK inflation finally surprised to the downside.
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Global equities were broadly flat as US and Japanese gains offset a UK pullback; Japan reached a 33-year high while a surprise 50bp Bank of England hike sent yields sharply higher.
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A flat month overall as Japan rose 3.3% and the US gained 2% on the debt-ceiling deal and Nvidia's blow-out numbers, while UK equities fell 5.2% on disappointing inflation data.
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Global equities were broadly flat as the US debt-ceiling standoff emerged, while UK inflation remained stubbornly high and the Fed raised rates to 5.0%−5.25%.
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Performance update for March 2023 from Charlwood Wealth. US banking turmoil triggered a correction after four months of gains, but our diversified portfolios remained firmly in the first quartile and in positive territory for the year.
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A mini banking crisis claimed three US banks in ten days, while gold cleared $2,000 to touch a new all-time high and UK equities declined 3%.
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The January rally paused as global equities retraced 2%, while UK large caps reached a new high above 8,000 and resilient US data pushed rate expectations higher.
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Global equities surged 5% as China reopened and inflation softened, with gold reaching a new record high in sterling terms and the UK narrowly avoiding recession.
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Markets resumed their recovery from September lows as inflation peaked, with US core CPI falling to 6.5% and China abandoning its zero-covid policy.
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Global equities and bonds rose 3% as US core CPI fell to 6.3%, Chinese equities surged 25% on hints of a covid-zero shift, and gilt yields fell from their peak.
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Rishi Sunak restored calm after the mini-budget crisis as gilt yields fell back, Western equities gained 3–4%, and Chinese stocks dropped 18% on President Xi's consolidation of power.
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The mini Budget sent gilt yields soaring and sterling plunging before the Bank of England intervened, while all standard portfolios outperformed their benchmarks year to date.
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US inflation decelerated to 8.5% and equities rallied before central banks stepped up their anti-inflation rhetoric, while UK consumer prices hit double digits for the first time in 30 years.
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US equities rallied 9% as the Fed signalled a slower pace of hikes, while the ECB raised rates for the first time in over a decade, ending the era of negative rates.
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A volatile month saw concern shift from inflation to recession risk, as the Fed hiked 0.75% and central banks scrambled to restore credibility amid 40-year-high inflation.
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Sharp early falls reversed as US stocks narrowly avoided bear-market territory, while inflation held above 8% across the US, UK and Eurozone.
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Markets edged lower as the Fed delivered its biggest hike in 22 years and the Bank of England warned of recession and 10% inflation.
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Equities rallied from their mid-month low to close in positive territory, led by US and Asian gains of 4–5%, even as inflation surged towards 9% in the UK.
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The invasion of Ukraine sent commodity prices surging and equities lower, while inflation hit 7.9% in the US and central banks faced a stagflationary dilemma.
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Developed markets fell 5% as inflation hit 7% in the US and central banks signalled a series of rate rises, while the UK bucked the trend with a 1% gain.
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Despite the rapid spread of Omicron, UK and European equities rose over 4% while US inflation hit 6.8% and the Bank of England raised rates to 0.25%.
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US equities rose 8% before the Omicron variant shook markets, while UK and Eurozone inflation exceeded 4% and the Fed retired the word transitory.
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Rising energy prices saw inflation replace the pandemic as the prominent concern, with global equities falling 2–3% and UK government bonds dropping 4–5%.
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Global equities reached new highs, with the US and Japan gaining 4% and the UK rising 2.5%, as the Fed signalled tapering would begin in the autumn.
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Developed markets posted small gains while emerging markets fell 3–7% as the Delta variant spread, and over 90% of US companies beat second-quarter earnings estimates.
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Our low-medium risk income portfolio gained 80% over nine years, delivering annualised returns of 6.75% and outperforming its benchmark by 24%.
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Major stock markets gained 2–4% as economic activity surged, while US inflation hit 5% with core CPI reaching a 28-year high of 3.8%.
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The US, UK, Asia and Europe all rose over 4% as first-quarter earnings beat estimates at 77% of the world's top 1,000 companies, while US inflation surged to 4.2%.
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US equities rose 5.7% in sterling terms as global markets pushed higher, with US growth forecasts upgraded to 6.5% and President Biden unveiling a $2.2 trillion infrastructure plan.
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Reflation fears drove government bonds down by up to 5% as the US 10-year yield spiked to 1.60%, while equities gave back mid-month gains of 5–6% to end barely changed.
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A strong start saw UK shares gain 6% before fading, with most markets ending in negative territory, while President Biden pressed ahead with his $1.9 trillion stimulus package.
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Developed markets gained 3% and Asia rose over 6% as investors looked through the surge in COVID-19 cases to the vaccine rollout and a last-minute Brexit deal.
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Three vaccine breakthroughs and the change of US president gave global markets their best month on record, with Europe and the UK leading at around 13% and Japanese indices at a 30-year high.
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US shares pulled markets lower from August's record highs as uncertainty grew over the pandemic, the election and stalled stimulus talks; Japan gained 4.5% while the UK edged down 1.5%.
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Equity markets rose 1 to 4 per cent as gold soared to a record high, while UK GDP revealed a 20.4% second-quarter contraction followed by an immediate recovery as lockdown eased.
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Volatility picked up as contrasting forces pulled markets both ways, with Asian and emerging markets leading at around 7%, Europe up 4%, and the UK and US managing only 1 to 2%.
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The rally from March's low continued as the US, Europe and Japan rose 7 to 8 per cent and the UK gained 3.5%, with Europe proposing a landmark bailout package.
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Markets rallied from their lows with the UK, Europe and Japan gaining 5 to 6 per cent, though year-to-date losses remained steep as the Bank of England cut rates to an all-time low of 0.1%.
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An unprecedented crisis saw global markets fall 20 to 30 per cent as the pandemic forced an economic shutdown, interest rates fell to zero, and governments launched extraordinary fiscal measures.
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Coronavirus fears reversed a positive start to the year as the UK fell over 3%, emerging markets swung from a 4% gain to a 4% loss, and UK government bonds rallied 4%.
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The Conservatives won their largest majority since 1987, sterling surged to $1.35, and the US and China agreed the Phase One deal. The S&P 500 rose 31% for the year, its best since 2013.
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The S&P 500 rose 4% to fresh record highs as the Phase One trade deal moved towards completion and the UK election campaign began, while the Bank of England's two dissenters signalled growing concern.
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Boris Johnson secured a revised withdrawal agreement, the Fed cut rates for a third time to 1.50–1.75%, and Parliament voted for a 12 December election. Sterling surged over 5%.
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The Fed cut rates for a second time, the ECB launched renewed asset purchases, and the Supreme Court unanimously ruled the prorogation of Parliament unlawful. Saudi oil attacks caused the largest single-day supply disruption in history.
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The US yield curve inverted for the first time since 2007, the 30-year bond yield fell below 2% for the first time ever, gold surged through $1,500, and sterling hit a 34-month low as Parliament was prorogued.
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The Fed cut rates by a quarter point to 2.00–2.25% — its first reduction since the financial crisis — as Boris Johnson became Prime Minister and the S&P 500 briefly surpassed 3,000 for the first time.
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The S&P 500 posted its best June since 1955, rising 7%, as the Fed signalled an imminent rate cut, Draghi hinted at fresh ECB stimulus, and the G20 trade truce eased fears of further escalation.
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A sharp escalation in the trade war sent equities lower as Trump raised tariffs on Chinese goods from 10 to 25% and placed Huawei on the Entity List. The S&P 500 fell 7% and Theresa May announced her resignation.
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The S&P 500 reached a new all-time high, gaining 4%, as first-quarter earnings beat lowered expectations and the Brexit deadline was extended to 31 October. US GDP surprised at 3.2% annualised.
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The S&P 500 rose 2% as the Fed projected no further rate rises in 2019, while the UK gained 3% and Parliament rejected the withdrawal agreement for a third time, securing an extension to 12 April.
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The rally continued with the S&P 500 gaining 3%, emerging markets rising 2%, and European equities adding 4 to 5 per cent as trade optimism and a patient Federal Reserve provided support.
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Global equities rallied sharply from December's sell-off as the Federal Reserve signalled a pause in its rate-hiking cycle, US-China trade talks showed progress, and the 35-day government shutdown ended.
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The S&P 500 fell approximately 9 per cent in the worst December since 1931, touching bear-market territory on Christmas Eve, as the Fed raised rates a fourth time and approximately 90 per cent of asset classes ended the year in negative territory.
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The US and China agreed a 90-day trade truce at the G20 summit, oil prices collapsed over 20 per cent, the Democrats retook the US House, and Theresa May's withdrawal agreement faced immediate parliamentary opposition.
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The S&P 500 fell 7 per cent and the Nasdaq over 9 per cent in the worst month in seven years, as the Fed Chair's comments on rates, trade war fears, and slowing global growth converged.
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The Fed raised rates for the third time in 2018 to 2.00–2.25 per cent, Argentina secured the largest IMF bailout in history, and EU leaders rejected the Prime Minister's Chequers plan at the Salzburg summit.
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The Turkish lira collapsed approximately 40 per cent, triggering contagion across emerging markets, while US equities reached new record highs and the Bank of England raised rates to 0.75 per cent for only the second time in a decade.
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US GDP grew at an annualised rate of 4.1 per cent — the strongest since 2014 — and earnings were strong, but the US-China trade war commenced and Cabinet resignations over the Chequers plan rocked the Brexit negotiations.
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The Fed raised rates and upgraded its projection to four hikes for 2018, the ECB announced the end of quantitative easing in December, and the first US-China tariffs were set for 6 July as emerging markets fell over 4 per cent.
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The FTSE 100 reached an intraday record of 7,903 before an Italian political crisis sent European markets sharply lower, with two-year bond yields spiking 150 basis points in a single session.
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UK equities gained over 6 per cent as weaker sterling boosted large caps, but first-quarter GDP of 0.1 per cent — the weakest in six years — threw the expected Bank of England rate hike into doubt.
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President Trump imposed tariffs on steel and aluminium and targeted Chinese goods, while the Fed raised rates to 1.50–1.75 per cent under its new Chair Jerome Powell and the Facebook–Cambridge Analytica scandal hit tech stocks.
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A spike in US wage data triggered the sharpest correction in two years, with the S&P 500 falling 10 per cent from peak in nine trading days and the VIX more than doubling in a single session as short-volatility strategies collapsed.
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Global equities rose strongly as the synchronised expansion narrative peaked, with the S&P 500 gaining 5.6 per cent, emerging markets surging approximately 8 per cent, and the IMF upgrading global growth forecasts to 3.9 per cent.
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The UK gained over 5% in December as the Santa rally pressed on, while the US Federal Reserve raised rates by 0.25% and President Trump steered through his tax-reform package.
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US shares continued to hit new highs while Japanese and Hong Kong indices reached levels not seen in over a decade, as global technology stocks were hit hard in early December.
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The Bank of England raised interest rates by 25 basis points to 0.50% for the first time in a decade, while the ECB halved its monthly bond purchases and US, UK and European markets hit fresh highs.
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The Bank of England hinted at a November rate rise, sending sterling sharply higher and turning overseas gains of 2-5% into losses of 1-3% in sterling terms, while government bonds fell 3-4%.
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Developed markets rose 1.5-2.5% amid supportive economic data, while geopolitical tensions between Trump and Kim Jong Un and Hurricane Harvey's devastation tested investor complacency.
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The world equity index hit a record high as emerging markets rose over 4%, while the Trump Trade died a death and investors queued for new bond issues from serial defaulter Argentina.
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Central bankers in the US, UK, Europe and Canada all talked up growth and hinted at monetary tightening, while UK shares fell 2-3% after a shocking election campaign produced a lame-duck Prime Minister.
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Record closing highs in the US, UK and Germany, with European equities up over 5% in sterling terms as Macron's emphatic French election victory lifted investor sentiment to a decade high.
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Geopolitical concerns and weaker data saw equities fall around 3% before recovering, while Europe rallied hard after the first round of French elections put Macron through to face Le Pen.
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The US Federal Reserve raised rates by 0.25% as expected while global debt hit a fresh high of £170 trillion and UK index-linked gilt yields reached a record low of minus 2.18%.
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The Trump growth rally drove US and UK stock markets to new highs, with leading indices up 2.5-5% in sterling terms, as the Federal Reserve dropped its strongest hints yet of a March rate rise.
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Trump euphoria peaked mid-month with UK and US indices making new highs before sentiment cooled, while Asian shares rose 4% and the Bank of England raised its 2017 growth forecast to 2%.
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Developed stock markets rose 3-6% in a Santa Rally as the US Federal Reserve raised rates by 0.25% and forecast three further rises in 2017, while UK growth defied the gloomy Brexit expectations.
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Developed markets fell 2-5% while US indices hit new highs on hopes of Reaganomics redux, and the Italian constitutional referendum 'No' vote produced a remarkably swift market recovery.
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The pollsters got it wrong again as Trump won the presidency without the feared 10% market crash, while UK government bonds fell up to 5% and the Article 50 High Court ruling added fresh uncertainty.
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Developed markets edged up around 1% as central banks dominated headlines, and sterling plunged to a 31-year low after Theresa May upgraded her definition to 'hard Brexit' at the Tory party conference.
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A summer truce saw the VIX fall to its lowest in over a year as developed markets rose 1-2%, while UK survey data showed record monthly gains after the post-referendum panic.
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Emerging markets and Asia gained 8-12% while Mark Carney delivered a 0.25% rate cut and expanded QE, pushing UK 10-year government bond yields to just 0.5%.
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The UK voted to leave the EU, sending sterling to 31-year lows and producing overseas stock-market gains of 10-15% in sterling terms, while commercial property funds suspended dealing.
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German government bond yields approached zero for ten-year debt while the Bank of England cut its UK growth forecast to 2%, warning that Brexit was the biggest risk to the economy.
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The IMF warned of a synchronised global slowdown and cut its 2016 growth forecast to 3.2%, while 75% of Japanese government bonds moved to negative yields and Argentina issued $15 billion of debt.
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Mario Draghi cut ECB rates to minus 0.40% and expanded asset purchases, while George Osborne conjured a Budget surplus by 2020 despite lower growth projections and sterling fell to a 28-month low.
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Most stock markets fell 5-15% in the first two weeks before recovering, while the Blackrock Gold & General fund rose 34% as confidence in central bank policy waned.
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Oil continued to lead stock markets lower with European and Japanese shares falling around 4%, while the Bank of Japan introduced negative rates just one week after ruling them out.
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The US Federal Reserve raised interest rates by 0.25% at long last, while falling commodity prices and weakness in the Chinese economy dulled the outlook as developed markets suffered their worst five-day start to a new year in history.
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Mario Draghi signalled the ECB stood ready to cut rates further, while the US Federal Reserve left the door open for a December rate rise as unemployment fell to 5%.
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The US Federal Reserve wrong-footed markets by holding rates despite earlier guidance, compounding stock-market losses as deteriorating global data and corporate shocks at Volkswagen and Glencore soured sentiment.
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A surprise Chinese devaluation combined with falling commodity prices and slowing global growth to send developed markets down 5–6%, while the FTSE 100 fell nearly 20% to its intra-day low.
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Greek concerns were kicked into the future with a third bailout, lifting European equities nearly 4%, but China's heavy-handed market intervention unnerved investors already worried about the broader slowdown.
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Greece became the first developed nation to default on an IMF repayment, while Chinese shares collapsed after a speculative rally driven by retail investors gambling with borrowed money.
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A pointed remark from Mario Draghi sent bund yields surging from near zero, while a Conservative majority lifted UK equities and the Greek debt saga lurched towards another deadline.
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Stock markets around the world touched new highs but failed to hold them, while ECB bond-buying drove European yields to extraordinary lows before a dramatic reversal sent the German bund crashing.
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Stockmarkets touched fresh record highs before retreating, while the Federal Reserve opened the door to rate rises yet lowered its growth and inflation forecasts.
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Market outlook for February 2015 from Charlwood Wealth. We review a 2014 of surprises and set out our house view for 2015: volatile markets, a pivotal UK election, and central banks passing the stimulus baton.
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UK, US and European markets reached dizzy new highs as the ECB began its bond-buying programme and Greece agreed a bailout extension, only to tell voters it had crossed its fingers.
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The ECB announced its long-awaited bond-buying programme while six countries cut interest rates, and Greece's new Syriza-led government entered a high-stakes standoff with the German-led ECB.
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The continuing fall in the oil price dominated markets, inflation became deflation in the eurozone, and Mario Draghi promised details of sovereign bond purchases at the ECB's January meeting.
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OPEC's failure to agree a production cut sent oil to five-year lows, while the ECB disappointed on quantitative easing and fresh stimulus in Japan pushed the Nikkei through 17,000.
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An extra mid-month market commentary from Charlwood Wealth for October 2014. Markets returned to the front pages with sharp intra-day moves, but a correction was overdue and the longer-term outlook remains positive.
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The Bank of Japan surprised markets with a bold stimulus package as the Federal Reserve wound down quantitative easing, while October volatility saw the FTSE fall 10% from its peak before recovering.
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US data strength contrasted sharply with weakness elsewhere as the ECB disappointed on asset purchases, German industrial output suffered its biggest monthly decline in five years, and the Scottish referendum injected volatility into markets.
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US second-quarter GDP grew at an annualised 4.2% and the S&P 500 closed above 2,000 for the first time, while mounting expectations of ECB asset purchases pushed German bund yields to a record low below 1%.
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Portugal's Banco Espírito Santo collapsed, tougher sanctions hit Russia, and the Fed signalled an end to QE by October, yet emerging markets bucked the trend with gains of 2–4%.
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The ECB cut interest rates to record lows and announced new stimulus measures, while the Bank of England warned that UK rates might rise earlier than markets expected.
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The FTSE 100 hit a post-credit-crunch high just short of 6,900 as the Bank of England emphasised patience on rate rises, while positive returns spread across asset classes from bonds to Japanese equities.
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Equity correlations broke down as the FTSE 100 rose 3% while biotech and technology shares fell sharply, and the IMF upgraded its UK growth forecast to 2.9% even as US first-quarter GDP came in at just 0.1%.
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Janet Yellen's early tenure at the Federal Reserve produced mixed signals on rate rises, while the Crimean crisis rattled European markets and George Osborne announced sweeping changes to ISAs and annuities.
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The S&P 500 hit a new high and the FTSE closed at its highest since the credit crunch, before Ukraine tensions injected sharp volatility. Governor Carney signalled no rush to raise rates, with Spring 2015 the likely starting point.
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The Fed announced a further $10bn cut in monthly QE stimulus as the FTSE traded a 450-point range and emerging-market concerns resurfaced amid falling inflation and more subdued growth.
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A challenging but exciting year beckons as central banks face the test of QE tapering, with well-reasoned arguments on both sides of every major market.
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