Markets rarely climb a “wall of worry” in a straight line. They climb it through hesitation, reversals and repeated doubts about whether the next step is justified. The third quarter of 2026 was no exception. Equity markets continued to grind higher, supported by resilient global growth, a surprisingly strong United States (US) economy and robust […]
If the past quarter had a defining character, it was not a focused direction but rather uncertain oscillation. Markets moved repeatedly between constructive and cautious interpretations of the same underlying reality. On the one side of the pendulum was resilient global growth, firm consumption, easing inflation, and exceptionally strong earnings. On the other side we […]
Financial markets have always had to contend with uncertainty. What is different now, however, is not its presence but its source. For much of recent history, investors have interpreted markets primarily through the lens of cyclical economic forces: growth, inflation, interest rates and earnings. These variables, while complex, are at least observable, measurable and, to […]
As 2026 begins, the global economic narrative has taken a more constructive turn. Consensus growth expectations have improved meaningfully across major regions, buoyed by a rare alignment of supportive forces: renewed fiscal stimulus, the long-awaited turn in the interest-rate cycle, and continued capital expenditure linked to artificial intelligence (AI). Together, these dynamics have restored confidence […]
The global economy, much like a calm sea before a storm, appears deceptively stable. Markets have rallied, volatility has receded, and investors are once again daring to believe in trees that grow to the sky. Yet beneath the surface, the currents of politics, policy, and valuation risk continue to swirl – quietly reshaping the landscape […]
As we enter the second half of 2025, investors are confronted by a market narrative that appears increasingly disconnected from the underlying economy and risks. At Citadel, our role is to cut through the short-term noise, focusing instead on the structural dynamics that will shape financial outcomes in the months and years ahead. Trump and […]
As we progress through 2025, the global economy finds itself navigating through heavy swells stirred up by the Trump-Tariff-Tsunami. United States (US) President, Donald Trump, has truly turned global trade, logistical supply chains and foreign policy upside-down, for everybody, simultaneously. The current situation has many similarities to the sudden-stop scenario brought on by the COVID-19 […]
Geopolitical issues remain front and centre in the news as the situation in the Middle East escalates. Global shipping routes, affecting logistical supply chains and the supply and price of oil, have come back into focus for global trade just as disinflation has started to slow down. Suddenly inflation’s smooth path back to the United […]
Bifurcation means to ‘drift apart’. We’re witnessing bifurcation on so many political and economic levels. It has had a massive impact on party-political outcomes and policies, as well as changing the economic landscape in 2024. The post-pandemic surge in inflation has caused a global cost of living crisis for millions of low-income consumers, whilst the […]