Smooth running Volatility on equity markets last week struck a 60-year low while, in the US, Treasury market volatility slipped to a 50-year low, despite yields recently creeping upwards. The S&P 500 rose by 1.37%, while the FTSE 100 and Eurofirst 300 rose by 0.7% and
Shared faith “Go into the London Stock Exchange… and you will see representatives from all nations gathered together for the utility of men. Here Jew, Mohammedan and Christian deal with each other as though they were all of the same faith, and only apply the word
Bull’s eye The Old English word bula means ‘steer’ as well as bull. As a verb, however, ‘to bull’ means to tell untruths or polish to a high shine. Bears might nod knowingly at the double-meaning, but the truth is that it has not been their
Diplomatic capital “The view of Jerusalem is the history of the world,” said Benjamin Disraeli, Britain’s first Jewish prime minister. Last week that history took a new turn, as Donald Trump announced that the US would shift its Israeli embassy from Tel Aviv to the ancient
Winter surge “Thou knowest, winter tames man, woman, and beast,” says Grumio in Shakespeare’s The Taming of the Shrew. Yet it cannot, apparently, tame stocks. As temperatures continued to slide last week, animal spirits persisted on leading indices, fed by glowing economic data. The MSCI World
Noises off Philip Hammond couldn’t complain of a lack of advice. Although he was the star of the show, there were plenty of advance directions shouted from offstage by some of the more truculent members of his own Party. Some went so far as to warn
Tranquil times A report last week showed that half of the world’s wealth is owned by 1% of its people. In an interview in the UK on Thursday, Joseph Stiglitz, the Nobel prize-winning economist who advised Bill Clinton and Jeremy Corbyn, said that the election of
Halfway house To lose one cabinet minister may be regarded as unfortunate; to lose two looks like carelessness – as Oscar Wilde (almost) said. Last week the prime minister lost her second cabinet minister in just eight days, this time for a solo and unapproved diplomatic mission
Easing off The last time the Bank of England raised interest rates, it was quickly overtaken by events. On 5 July 2007, the Monetary Policy Committee raised rates by a quarter of a percentage point to 5.75%, and employed restrained language in its assessment of the
Revolutionary roads A hundred years ago trading ceased on the St. Petersburg stock exchange – and didn’t start again for 74 years. Vladimir Putin chose not to mark last week’s centenary of the assault on the Winter Palace, signature moment of Russia’s October Revolution – despite some
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