Fidelity International

The debate on whether equity prices had reached a bottom was settled when the US May CPI print surprised to the upside and sent bond yields spiking higher and equity markets hurtling lower.

The post-covid market rally was driven by a juxtaposition of ‘reflation’ and ‘stagnation’ narratives that led investors to attribute high valuation premia to ‘growth’ assets, while overlooking the ‘quality’ and ‘value’ style factors.

The European Central Bank lays out its tightening path.

After another vibrant earnings season and a series of stock market corrections, price-to-earnings ratios have begun to look more reasonable.

The UN’s treaty on global plastics is a big step towards reducing the millions of tons of plastic seeping into the environment.

Surging inflation may be a scourge elsewhere, but Japan is unruffled. Instead, the world’s third-largest economy is showcasing the macro changes that now underpin its appeal to investors.

Our latest Fidelity International Analyst Survey points to a new message coming from a substantial group of global companies: Russia may be un-investable for years to come and many will not do business with Putin’s regime again.

While the Fed will likely hike less than market expectations, we expect the hawkish stance to remain for now.

The first quarter has been challenging. Most importantly, the tragic events in Ukraine are an ongoing humanitarian disaster. For markets, the disruption to commodity supply chains feeds into broader inflationary fears.

Not only are we sceptical of the economic scenarios implied by the current pricing of the medium and long parts of the US yield curve respectively, but we believe they are even less likely to play out in combination.