Corporate results fared well during lockdowns, yet they are still well below pre-pandemic levels. Chief investment officer Julian Chillingworth examines why gold has hit record highs and why ‘riskier’ banks have done better than vanilla ones.
Investors have piled into gold as the reality of US-China diplomacy starts to resemble Aesop’s fabled fox and stork. Chief investment officer Julian Chillingworth also ponders whether US tech shares are priced for perfection as he looks ahead to some big earnings results this week.
The healing process
For months, the American economy has shrugged off a muddled response to the pandemic, posting better-than-expected numbers. Reality may finally have caught up, notes chief investment officer Julian Chillingworth.
COVID-19 has delivered another blow to Britain’s retailers, and that will have an impact on the High Street. But the powers of creative destruction always generate fresh opportunities, too. Can the hearts of our towns and cities find a new life and raison d’être?
The global economy is reopening for business as the COVID-19 virus recedes, and the groundwork has been laid for a speedy recovery by massive government and central bank stimulus.
People are extremely adaptable as prolonged lockdowns have shown. Yet chief investment officer Julian Chillingworth ponders how changes to the way we live will shake out in the coming months and years.
After the pandemic response, outstanding UK government debt is now as big as the whole economy. But that’s not necessarily an alarm bell, says chief investment officer Julian Chillingworth, as long as it’s spent on the right things.