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. 

As COVID-19 hits demand more than supply, prices should hold to their moorings

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.

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. 

​Are the bears in hibernation, or just napping?

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.

UK GDP fell off a cliff during the lockdown. That shouldn’t be a surprise, argues chief investment officer Julian Chillingworth, shutting down commerce was the point.

Stock markets are soaring higher as the developed world starts to relax lockdowns. Yet the virus is spreading rapidly in the emerging world, notes chief investment officer Julian Chillingworth, and there’s still a chance of a second wave in the West.

America seems chaotic from the top down. Yet, if you look hard at the bottom – main street – you can get a better idea of how the US is faring, argues Chief investment officer Julian Chillingworth.

The government has unveiled its lockdown exit plan to mixed reception. Our chief investment officer Julian Chillingworth thinks attention is best paid elsewhere.