The Leaders Won't Budge
The market’s headline act is unchanged; backstage, however, there is considerable activity. Gold has lost more of its lustre, oil has reclaimed the throne, and inflation has arrived as an uninvited plus-one. Industrial Metals have tumbled down the rankings, China Equities have fallen to the bottom of the trend rankings, and investors are wrestling with some familiar headaches: bond yields, AI valuations and the small matter of the US midterm elections.
This month’s report examines the contradictions, challenges conventional wisdom and asks what the latest market signals mean for investors. The outlook remains uncertain; the rankings, at least, offer a clear view of where the evidence is pointing.
