Year: inflation and energy changed the path of interest rates
From 3 October 2025 to 2 October 2026, US interest-rate cuts gave way to a pause and a September increase. Trade rules and energy supply disruption changed business costs,…
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Annual Market Reviews
Twelve months of major market events and interest-rate changes, followed by the current assessment and developments to watch.
Showing 10–18 of 19 publications
Year: inflation and energy changed the path of interest rates
From 2 October 2025 to 1 October 2026, US rate cuts gave way to a pause and then a September increase. Energy supply disruption and changing tariffs affected business…
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Year: how rates, tariffs and energy affected companies
Over twelve months, central banks changed interest rates, import tariffs changed, and geopolitical events disrupted energy supply. Technology companies grew revenue, but their customers needed substantial funding for equipment…
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Year: tracing trade and interest rates through to profit
Across twelve rolling months, the direction of interest rates, the legal basis for tariffs and the reliability of energy supply all changed. Technology demand generated large supplier revenues while…
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Year: rate cuts gave way to a renewed test of costs
Across twelve months, the direction of rates, trade rules and the reliability of energy supply all changed. Technology companies earned more, but their customers needed substantial investment to expand.…
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One year: rate cuts gave way to tightening and a profit test
Over twelve months, US rate cuts gave way to the 16 September increase; Europe also resumed raising rates after a pause. Trade and energy events changed assumptions about costs…
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One year: rate cuts gave way to a new tightening phase
Over twelve months, US rate cuts gave way to the 16 September increase; Europe also resumed raising rates after a pause. Trade and energy events changed assumptions about costs…
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A year from US rate cuts to a fresh increase
The past twelve months changed more than market headlines. The US first cut rates, then paused, and raised them on 16 September. European rates also moved higher after a…
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The year falling interest rates gave way to an energy and earnings test
Over the year, more than the headlines changed: several fundamental investment assumptions shifted. US interest rate cuts gave way to a pause, while energy contributed to rate increases in…
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