Stuart Ritson

Risk-sensitive assets underpinned on hopes for a ceasefire extension and further US-Iran talks. S&P reaches fresh record high. Brent crude prices stable near US$95 per barrel. US Treasury yields higher

Risk-sensitive assets underpinned on hopes for a ceasefire extension and further US-Iran talks. S&P reaches fresh record high. Brent crude prices stable near US$95 per barrel. US Treasury yields higher

Investors look past naval blockade with solid performance for risk-sensitive assets as further US-Iran talks anticipated. US producer prices softer than expected in March. US dollar index fully unwinds conflict gain

Investors look past naval blockade with solid performance for risk-sensitive assets as further US-Iran talks anticipated. US producer prices softer than expected in March. US dollar index fully unwinds conflict gain

Asset markets recover from initial weakness after Trump threatened to blockade the Strait of Hormuz. Brent crude prices remain higher but well-below the recent peak. USD and yields fall

Asset markets recover from initial weakness after Trump threatened to blockade the Strait of Hormuz. Brent crude prices remain higher but well-below the recent peak. USD and yields fall

Risk-sensitive assets stable ahead of US–Iran talks. But the lack of a peace deal will likely see higher oil prices and weigh on market sentiment. US consumer sentiment fell to a record low pointing to downside risk for consumption

Risk-sensitive assets stable ahead of US–Iran talks. But the lack of a peace deal will likely see higher oil prices and weigh on market sentiment. US consumer sentiment fell to a record low pointing to downside risk for consumption

Markets steady as investors remain cautious into Trump’s Iran deadline, with little sign a deal is close. Oil prices remained supported with the US striking Kharg Island though energy infrastructure was not targeted. FX markets stable overall

Markets steady as investors remain cautious into Trump’s Iran deadline, with little sign a deal is close. Oil prices remained supported with the US striking Kharg Island though energy infrastructure was not targeted. FX markets stable overall

Markets largely range-bound as US-Iran ceasefire negotiations still uncertain. Oil prices see larger swings. Brent crude dipped below US$107 before rebounding. Services ISM cools in March but remains in expansion territory

Markets largely range-bound as US-Iran ceasefire negotiations still uncertain. Oil prices see larger swings. Brent crude dipped below US$107 before rebounding. Services ISM cools in March but remains in expansion territory

Risk assets extended gains on hopes the Middle East conflict may be nearing an end. President Trump has flagged a potential US exit from the Iran conflict in 2–3 weeks. Treasury yields rebounded after firm ISM and retail-sales data

Risk assets extended gains on hopes the Middle East conflict may be nearing an end. President Trump has flagged a potential US exit from the Iran conflict in 2–3 weeks. Treasury yields rebounded after firm ISM and retail-sales data

Risk sentiment stayed fragile, with equities under pressure alongside geopolitical and energy uncertainty. Markets pare Fed hike expectations, shifting the focus from inflation risk to growth downside. Material steepening for the treasury curve

Risk sentiment stayed fragile, with equities under pressure alongside geopolitical and energy uncertainty. Markets pare Fed hike expectations, shifting the focus from inflation risk to growth downside. Material steepening for the treasury curve

Risk sentiment improved modestly as markets priced some chance of Middle East de‑escalation. Equities are higher and global bond markets retraced part of the recent sell‑off. Brent crude prices oscillated near US$100/bbl. FX moves were subdued

Risk sentiment improved modestly as markets priced some chance of Middle East de‑escalation. Equities are higher and global bond markets retraced part of the recent sell‑off. Brent crude prices oscillated near US$100/bbl. FX moves were subdued

Large moves higher in global bond yields led by shorter maturities. Investor risk appetite remains subdued - global equities under pressure. ECB leaves rates unchanged as markets reflect expectations of hikes ahead. Ditto Bank of England

Large moves higher in global bond yields led by shorter maturities. Investor risk appetite remains subdued - global equities under pressure. ECB leaves rates unchanged as markets reflect expectations of hikes ahead. Ditto Bank of England

US Federal Reserve keeps rates steady and notes uncertainty from Iran. FOMC continues to signal one rate cut this year. Oil prices gained after an Iranian gas field was hit weighing on risk-sensitive assets

US Federal Reserve keeps rates steady and notes uncertainty from Iran. FOMC continues to signal one rate cut this year. Oil prices gained after an Iranian gas field was hit weighing on risk-sensitive assets

Conflict in the Middle East continues to weigh on investor risk appetite. Brent crude closes the week above US$100 per barrel. US dollar makes broad based gains

Conflict in the Middle East continues to weigh on investor risk appetite. Brent crude closes the week above US$100 per barrel. US dollar makes broad based gains

Weak investor sentiment amid ongoing conflict weighs on risk sensitive markets. Front end treasury yields higher. Market pricing indicates less than one Fed rate cut this year

Weak investor sentiment amid ongoing conflict weighs on risk sensitive markets. Front end treasury yields higher. Market pricing indicates less than one Fed rate cut this year

Oil prices surge higher - Brent crude approaches US$93 per barrel. US labour market weaker than expected. Risk sensitive assets under pressure. Whipsaw price action for US treasuries

Oil prices surge higher - Brent crude approaches US$93 per barrel. US labour market weaker than expected. Risk sensitive assets under pressure. Whipsaw price action for US treasuries

Risk sentiment stabilises with US and European equities rebounding. Oil prices pulled back from recent highs as the US signalled possible measures to ease Middle East supply risks. US services ISM surprised to the upside

Risk sentiment stabilises with US and European equities rebounding. Oil prices pulled back from recent highs as the US signalled possible measures to ease Middle East supply risks. US services ISM surprised to the upside

US-Israeli strikes on Iran have increased geopolitical uncertainty, pointing to higher oil prices and renewed demand for safe‑haven assets. Banks under pressure on private credit concerns. 10Y US treasuries trade towards the low point from October

US-Israeli strikes on Iran have increased geopolitical uncertainty, pointing to higher oil prices and renewed demand for safe‑haven assets. Banks under pressure on private credit concerns. 10Y US treasuries trade towards the low point from October

Buoyant risk sentiment supports global equities ahead of key Nvidia results. Yen weakens and JGB curve steepens after the government nominated two dovish-leaning policy board members

Buoyant risk sentiment supports global equities ahead of key Nvidia results. Yen weakens and JGB curve steepens after the government nominated two dovish-leaning policy board members

US equities rise on the prospect of relief from landmark tariff decision. US Treasury yields edge higher and curve steepens

US equities rise on the prospect of relief from landmark tariff decision. US Treasury yields edge higher and curve steepens

Crude oil prices higher amid rising geopolitical tensions in the Middle East. US equities slip. US Treasury yields unchanged, US dollar is marginally firmer

Crude oil prices higher amid rising geopolitical tensions in the Middle East. US equities slip. US Treasury yields unchanged, US dollar is marginally firmer

Benign US CPI data supports a decline in US treasury yields. US equities were stable after the previous session's AI-driven selloff. Currency markets subdued

Benign US CPI data supports a decline in US treasury yields. US equities were stable after the previous session's AI-driven selloff. Currency markets subdued

Soft US retail sales data bolsters the case for Fed easing. US Treasury yields decline led by longer maturities. Yen gains against the US dollar while moves in other G10 currencies were modest

Soft US retail sales data bolsters the case for Fed easing. US Treasury yields decline led by longer maturities. Yen gains against the US dollar while moves in other G10 currencies were modest

US equities rebound into the end of last week. US Treasury yields higher. US consumer sentiment improves but concerns remain about the labour market

US equities rebound into the end of last week. US Treasury yields higher. US consumer sentiment improves but concerns remain about the labour market

US equity markets were mixed, with a continued rotation out of technology stocks. US Treasuries stable with limited reaction to a firm services ISM. US dollar broadly stronger

US equity markets were mixed, with a continued rotation out of technology stocks. US Treasuries stable with limited reaction to a firm services ISM. US dollar broadly stronger

Markets digest Kevin Warsh’s nomination as Fed chair. US dollar advances. Treasury curve steeper and S&P closes lower. Extreme volatility in precious metals continues

Markets digest Kevin Warsh’s nomination as Fed chair. US dollar advances. Treasury curve steeper and S&P closes lower. Extreme volatility in precious metals continues

US equities fall on concerns about spending on AI infrastructure. Oil prices underpinned after Trump threats against Iran. Precious metals volatile

US equities fall on concerns about spending on AI infrastructure. Oil prices underpinned after Trump threats against Iran. Precious metals volatile