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Market analysis

Find out what’s happening to global markets and why, with the latest news, expert commentary and in-depth analysis from our team of experts.

Latest market analysis

Trump-Xi Summit Eyed With Geopolitics & Trade In Focus

May 13, 2026

Trump-Xi Summit Eyed With Geopolitics & Trade In Focus

President Trump is on his way to Beijing for a keenly anticipated summit with Chinese President Xi, the first meeting between the two since October 2025. Even if the summit is just a 2-day affair, the agenda is a packed one, with plenty of topics for the two to discuss, and there likely also being plenty for market participants to get their teeth into.

April 2026 US CPI: The Energy Shock Continues

May 12, 2026

April 2026 US CPI: The Energy Shock Continues

April’s US CPI report pointed to further inflationary pressures making themselves known, as the impact of conflict in the Middle East, and subsequent surge in energy prices, continue to make themselves felt. The near-term policy implications of the data, though, are likely relatively limited.

Gold Outlook: All Eyes on CPI as Geopolitics Stall

May 11, 2026

Gold Outlook: All Eyes on CPI as Geopolitics Stall

Gold remains rangebound as markets await key U.S. CPI and retail sales data for direction. This weekly analysis explores XAUUSD technical levels, inflation outlook, Fed policy expectations, and the impact of stalled U.S.-Iran geopolitical talks on gold’s next move.

April 2026 US Employment Report: Solid Payrolls Print Keeps Fed In ‘Wait & See’ Mode

May 08, 2026

April 2026 US Employment Report: Solid Payrolls Print Keeps Fed In ‘Wait & See’ Mode

Headline nonfarm payrolls again topped expectations in April, though the Household Survey was somewhat softer. Regardless, the Fed will remain in ‘wait and see’ mode for the time being, with the inflation side of the mandate continuing to take priority.

Equity Rally Rolls On With Pain Trade Remaining Higher

May 07, 2026

Equity Rally Rolls On With Pain Trade Remaining Higher

Risk appetite has roared back as signs of a potential US-Iran agreement spark another leg higher for equities, though the ‘pain trade’ remains higher for now.

JPY Surges Again Amid Further Intervention Speculation

May 06, 2026

JPY Surges Again Amid Further Intervention Speculation

Another sudden round of JPY strength has sparked speculation that the MoF have intervened in the market yet again, though despite these efforts to prop up the currency continuing, they remain unlikely to change the longer-run trend, absent a change in the fundamental backdrop.

Preview For The April 2026 US Jobs Report

May 04, 2026

Preview For The April 2026 US Jobs Report

This Friday brings our latest update on the state of the US labour market, which has remained mired in a ‘no fire, no hire’ dynamic for some time now. While the figures are unlikely to materially impact the near-term Fed policy outlook, which hinges largely on geopolitical events, the report will nonetheless warrant close attention, especially if any signs of economic uncertainty denting labour demand begin to emerge.

Gold Outlook: Geopolitical Tailwinds Fading, Nonfarm Payrolls Could Be the Deciding Factor

May 04, 2026

Gold Outlook: Geopolitical Tailwinds Fading, Nonfarm Payrolls Could Be the Deciding Factor

Gold remains rangebound and tilted to the downside, as geopolitical tailwinds gradually lose their potency and interest rate headwinds persist. This week, markets will closely watch the U.S. ISM Services PMI and the nonfarm payrolls report — both could prove pivotal in determining gold's next directional move.

Trading the Week Ahead: Key Risks, Data and Market Levels to Watch

May 03, 2026

Trading the Week Ahead: Key Risks, Data and Market Levels to Watch

A detailed trading outlook for the week ahead, covering FX, equities, crude oil, central bank decisions, key data releases and technical levels shaping global markets.

JPY Jumps As ‘Yentervention’ Returns

May 01, 2026

JPY Jumps As ‘Yentervention’ Returns

The JPY has surged over the last couple of sessions as the MoF appear to have finally stepped in to prop up the currency, tilting the risk-reward drastically against JPY bears in the short-term, albeit while being unlikely to change the longer-run trend.

Latest on commodities

Gold Outlook: Geopolitical Deadlock Caps Trend, Two Key Risks in Focus

Apr 27, 2026

Gold Outlook: Geopolitical Deadlock Caps Trend, Two Key Risks in Focus

Repeated geopolitical headlines keep gold range-bound. This week, markets are focused on developments in US–Iran negotiations and major central bank meetings, including the FOMC. In the near term, price action is likely to remain driven by shifts in inflation expectations and the interest rate outlook.

Oil consolidates at highs: Escalation concerns give way to time premium pricing

Apr 22, 2026

Oil consolidates at highs: Escalation concerns give way to time premium pricing

US–Iran talks remain deadlocked, while oil trades at elevated levels. Pricing is gradually shifting from headline-driven geopolitics toward a time-premium and supply–demand framework. Markets are now focused on US substitution capacity, early signs of demand erosion, and tail-risk scenarios that could disrupt the current balance.

Gold Outlook: Repeated Geopolitical Swings Keep Gold Awaiting a Breakout

Apr 20, 2026

Gold Outlook: Repeated Geopolitical Swings Keep Gold Awaiting a Breakout

Gold remains range-bound at elevated levels amid shifting expectations around geopolitical risks and Fed’s policy path. Traders are closely watching shipping conditions in the Strait of Hormuz, the expiration of the ceasefire agreement, and incoming US economic data, while awaiting a key breakout signal in the $4,850–$4,900 range.

Gold Outlook: Tug-of-War Continues, Geopolitics and Earnings in Focus

Apr 13, 2026

Gold Outlook: Tug-of-War Continues, Geopolitics and Earnings in Focus

The breakdown in U.S.–Iran negotiations has lifted risk premiums and inflation expectations, limiting gold’s upside potential. However, growth slowdown pricing and sustained central bank buying continue to provide support.

Gold Outlook: Geopolitics and Rate Expectations Drive Price Action, $4,660 as Key Pivot

Apr 07, 2026

Gold Outlook: Geopolitics and Rate Expectations Drive Price Action, $4,660 as Key Pivot

Amid uncertain geopolitical developments and a hawkish shift in rate expectations, gold volatility has risen, with $4,660 potentially serving as a short-term pivot. This week, traders will closely monitor Middle East developments, the FOMC minutes, and March U.S. CPI data, which could steer near-term gold movements.

Ceasefire Expectations Boost Gold Bulls, March NFP Could Trigger Volatility

Apr 01, 2026

Ceasefire Expectations Boost Gold Bulls, March NFP Could Trigger Volatility

Rising ceasefire expectations in the Middle East have fueled a rebound in gold, with prices breaking above the key $4,660 resistance level. However, geopolitical uncertainty remains, and markets are closely watching Friday’s U.S. nonfarm payrolls report, which could act as a key catalyst for heightened volatility.

Markets Reprice Economic Fallout as Crude Spikes and Risk Appetite Weakens

Mar 29, 2026

Markets Reprice Economic Fallout as Crude Spikes and Risk Appetite Weakens

Markets shift focus to the economic fallout of rising oil prices and geopolitical escalation, with bonds, gold, and volatility signalling growing downside risks to global growth.

This Energy Price Shock Isn’t Like The Last One

Mar 25, 2026

This Energy Price Shock Isn’t Like The Last One

Markets are treating the latest energy shock as a repeat of 2022, but weaker growth, tighter monetary policy, and greater labour market slack point to limited risks of inflation persistence and a different central bank reaction function.

Oil Pullback Limited: Cautious Take on De-escalation, Two Key Scenarios in Focus

Mar 24, 2026

Oil Pullback Limited: Cautious Take on De-escalation, Two Key Scenarios in Focus

Trump signals a softer stance on geopolitical tensions, yet oil has not seen sustained selling. Markets are closely watching Strait of Hormuz flows and negotiation progress, actively pricing in two key scenarios. In a high-volatility environment, positioning remains critical, with divergence across crude benchmarks worth monitoring.

Gold Volatility Surges: XAUUSD Trading as the Anti-Bond

Mar 24, 2026

Gold Volatility Surges: XAUUSD Trading as the Anti-Bond

Gold volatility has surged as rising real yields and shifting macro dynamics challenge its safe-haven status. Explore the key drivers behind XAUUSD’s sharp moves and what traders should watch next.

Latest on indices

Nikkei 225 Hits Record High: Strong AI Momentum, Three Key Risks to Watch

Apr 28, 2026

Nikkei 225 Hits Record High: Strong AI Momentum, Three Key Risks to Watch

The Nikkei 225's break above 60,000 to a record high reflects the convergence of the AI capex cycle, a weak yen environment, and sustained foreign inflows. Yet at these elevated levels, geopolitical risks in the Middle East, yen volatility, and upcoming US tech earnings reports represent key uncertainties that could determine whether the rally has legs.

Have We Hit a Tradable Low in the S&P500 and Global Equity Markets?

Apr 01, 2026

Have We Hit a Tradable Low in the S&P500 and Global Equity Markets?

Markets rally as geopolitical tensions ease and traders reposition. Are equities forming a tradable low? Key levels, flows, and market internals analysed.

Taking Stock Of The Equity Market Slump: Gauging Where A Turning Point May Lie

Mar 31, 2026

Taking Stock Of The Equity Market Slump: Gauging Where A Turning Point May Lie

Despite a broad-based equity correction driven by geopolitical risk and an energy shock, technical indicators and market positioning suggest a turning point may not yet have been reached.

KOSPI & Nikkei Plunge: Concentrated Bulls and Elevated Energy Drive Sell-Off

Mar 04, 2026

KOSPI & Nikkei Plunge: Concentrated Bulls and Elevated Energy Drive Sell-Off

Heightened Middle East tensions combined with soaring energy prices have triggered sharp declines across Asian stock indices. KOSPI and the Nikkei have both retraced more than 10% from their late-February highs. Concentrated bullish positions and simultaneous equity-currency pressures have intensified selling, keeping risk management top of mind for traders in the near term.

US Equity Trading Dynamics In An Environment With A 'Political Put'

Feb 26, 2026

US Equity Trading Dynamics In An Environment With A 'Political Put'

A growing ‘political put’ could be distorting market return distributions, raising complacency and increasing downside tail risk.

ASX 200 Breaks to New All-Time High of 9,197 as Earnings and Tech Support the Rally

Feb 26, 2026

ASX 200 Breaks to New All-Time High of 9,197 as Earnings and Tech Support the Rally

The ASX 200 hits a record 9,197, up 5.3% year to date. Strong earnings, solid performance from materials and banks, and resilient valuations keep 9,200 in focus.

US equity sector rotation gathers pace as S&P 500 and Nasdaq fall

Feb 04, 2026

US equity sector rotation gathers pace as S&P 500 and Nasdaq fall

While headline equity indices typically attract the bulk of attention, volatility at a surface level often masks what’s really going on under the surface, a dynamic that we’ve seen play out in recent weeks.

S&P 500 Slides 2.1%: Is This the Start of a Deeper Market Pullback?

Jan 21, 2026

S&P 500 Slides 2.1%: Is This the Start of a Deeper Market Pullback?

On Tuesday, the S&P 500 closed 2.1% lower, marking its worst one-day performance since 10 October. This naturally raises the question of whether the pullback from the 7000 level builds into a broader trend, where traders look to sell into retracements, or whether stability emerges with buyers stepping in to defend this dip.

“Takaichi Trade” Returns: Nikkei 225 Climbs in Short Term, Debt Risks in Focus

Jan 20, 2026

“Takaichi Trade” Returns: Nikkei 225 Climbs in Short Term, Debt Risks in Focus

The return of the Takaichi trade has driven a short-term rally in Japanese equities, but fiscal debt pressures, yen volatility, and earnings realization remain potential risks, leaving the sustainability of the rally uncertain.

Why the S&P 500 and Nasdaq 100 rally supports a stronger US equity outlook

Oct 31, 2025

Why the S&P 500 and Nasdaq 100 rally supports a stronger US equity outlook

It has undoubtedly been a very solid year indeed for equities, across the globe, with the early-April wobble around ‘Liberation Day’ now feeling like little more than a distant memory. With just two months of 2025 left to run, the S&P trades around 16% higher, with the tech-heavy Nasdaq 100 up an even chunkier 22%.

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