This week, Gareth and Jeremy continue their discussion about the bond market's predicament. Japan's Ministry of Finance thought that sending a questionnaire to its bond investors would resolve its problem. But it soon encountered another difficult auction, suggesting that its first step in acknowledging the problem was insufficient. Meanwhile, Japa…

George and Ian consider Sage’s results and the return of the normal share price path following results. George points to Xero as Sage’s rain cloud whilst Ian points to the success of Sage’s Intacct offering. Gamma’s AGM statement contained comments in the UK market that led to a share price fall, although the progress in Germany is something that t…

This week, Gareth and Jeremy discuss Moody's downgrade of US debt, Donald's Big Beautiful Bill (yes, that is what it is called), and the bond vigilantes' work at the long end of the yield curve. Jeremy discusses Japan's special place in all this and wonders how the world's monetary authorities can put the long-term inflation genie back in the bottl…

Gareth and Jeremy discuss the US-China trade deal and Donald's many other activities: investment advice, trade deals, a ceasefire between India and Pakistan, huge win/win deals in the Middle East, and a crackdown on big pharma. However, although the market has round tripped from the lows of early April, there is lasting damage to financial market c…

This week Jeremy and Gareth discuss a smorgasbord of newsflow... from trade deals to interest rate cuts (or lack of them) and the selection of Maro Itoje as captain of the Lions team. UK stocks discussed include ZOO Digital and Van Elle, and Jeremy describes the divergent outcomes for Alpha Group and Argentex...two payments/FX trading platforms who…

Jeremy and Gareth discuss a slightly more normal week - Larry Fink and Jamie Dimon are talking up the UK market just as capital is being freed-up from the Mag Seven. The UK small-cap space is delivering strong performance from stocks able to deliver not-worsening performance...we discuss Watkin Jones, Sanderson Design Group and IG Design as well as…

George and Ian catch up on news and events affecting UK small and mid-cap tech. IBM’s figures get George pondering the differing paths with AI for software vs IT professional services. He highlights the Asian IT services area, where growth is notably better than in the EU or North America, before looking at results from ActiveOps, GB Group and iOma…

This week, Jeremy and Gareth wonder whether there are signs of life... UK plc is perhaps "priced for failure" and recent share price moves suggest that even in-line performance (or only a small warning!) can lead to material upside. Severfield is a case in point, but this week has seen a number of examples. Jupiter and AJ Bell are also talking more…

George and Ian catch up on events in and around the UK small and mid-cap listed tech. Alphawave’s lack of guidance for 2025 is no great surprise, but in an industry as complex as semiconductors can anyone take forecasts seriously. Ensilica’s recent newsflow suggests not. We can, however, confidently predict that the forecasts are wrong. Kainos is s…

This week, Jeremy and Gareth consider the ongoing shocks to the global system - and wonder whether the UK (or UK plc at least) is unusually well positioned, as well as attractively priced. Although Trump's "shock and awe" has calmed this week, gold is rising, the dollar is falling and US government debt is highly volatile...it feels as though we've…

This week, Jeremy and Gareth talk less about tariffs and more about their impact on capital markets - bonds in particular. Jeremy makes the point that the USA is now experiencing a Brexit AND "Liz Truss" moment at the same time - resulting in a falling dollar and rising rates. Keep an eye on those two, and the gold price, and you have three metrics…

George and Ian catch up on the jumble of news, both good and bad, for UK-listed tech. Pinewood.AI and Raspberry Pi deliver – although inventory build at Raspberry Pi is an issue that must be monitored. BIG Technologies and the broken small and mid-cap due diligence stack. Whilst there’s still an interesting business, there is a far more interesting…

Jeremy and Gareth react to Donald Trump's tariff pronouncements - major downward moves in US equities, and increased risk of a US slowdown. But there is some hope that the UK could navigate these choppy waters cleverly - and even a small proportion of the capital currently being reallocated could make a huge difference to the UK markets. UK stock n…

Ian and George catch up on small and mid-cap tech news. George has been looking at some resilient and upbeat news from smaller less well-known players SRT, Xaar and Microlise and is still recovering from the not too surprising news that Computacenter has not delivered its 20th year of earnings growth. Gamma results have encouraged Ian and whilst en…

This week, Jeremy and Gareth discuss some home truths about the UK economy - Rachel Reeves has reassured bond investors for now, but the low-growth stubborn-inflation structural problems persist. Ironically, Trump's erratic tariff-wielding tactics could drive capital AWAY from the USA, to the benefit of China, Germany and even the UK equity market.…

Headline grabbing Trump noise from Washington has died down but with concerns around tariffs, and issues in the Ukraine and the Middle East still not settled, Jeremy and Gareth discuss the common theme this week which has been central bankers and companies talking about trade related uncertainty. Overall the forecasts of GDP growth in the major eco…

This week, Jeremy and Gareth mull over the macro situation - the US economy seems to be slowing (but inflation persists) while Europe, especially Germany, has been bullied into spending more than ever. The UK, and arguably Europe, haven't yet seen much benefit from the outflow of capital from the MAG Seven, but remember, the whole German market cap…

George and Ian catch up on tech as it impacts UK small and mid-caps. Recent events have seen the US market, and US tech and smaller stocks in particular, backtrace whilst UK’s Techmark index has gone up 5% since the start of the year. Perhaps showing its worth as a shelter in times of trouble? George updates on recent recruitment sector news, not g…

This week, Gareth and Jeremy try to keep up with the gyrations from across the Atlantic - both around defence alliances and tariff policies. In terms of the impact on Europe and the UK, Germany is stepping up and spending big, which is driving up both (European) stock markets and (German) borrowing costs. Trump seems to be ignoring the stock market…

George updates us on PLC awards winners – all well deserved and fingers crossed for none of those traditional subsequent share price declines. Ian looks at the strategic reasons for PINE Pinewood's acquisition of Seez and the issue of where the value really lies in AI. Should investors be calling the quality of the acquisition decision now? This le…

Jeremy and Gareth talk this week about Trump 2.0 launching with a number of "adults in the room" who Trump trusts, and who can get things done. One thing that might get done is a US/UK trade deal...Jeremy describes how the stars could align, and how the UK's separation from Europe might save us from the worst of Trump's tariffs. Absent much other U…

This week, Gareth and Jeremy catch up on the week that marked one full month since Trump's return to the White House. Following JD Vance's lecture to Europe in Munich, the US initiated peace talks with Russia in Riyadh. This confirmed that the old world order has moved to a new one involving power projection by strong men operating in their own eco…

This week George and Ian catch up on recent tech newsflow and consider its impact on the UK small and mid-cap tech stocks. George scans the wider market and whilst somewhat downbeat on the fact that the big boys in IT services are struggling to get back to where they were before the pandemic, at least in the UK the government looks to be spending s…

This week, Gareth and Jeremy tackle the investment implications of Trump 2.0. After shocking the world with his suggestion of turning Gaza into the Riviera of the Middle East, Trump has moved on to Ukraine. Such events illustrate how the accepted World order has broken down. Where is the UN in all of this? One outcome has been a new all-time high i…

This week, Gareth is joined by Progressive's Building & Construction analyst, Alastair Stewart. The pair muse on Trump's tariff-based discussions with various world leaders, with Xi Jinping (the obvious and most-dangerous outlier) adding a bit of Chinese spice to the mix, with some largely-unreported moves. Alastair describes the UK building stocks…

With Jeremy enjoying sunnier climes, Gareth is joined by George O'Connor, the Progressive tech analyst. The week has been dominated by DeepSeek's sudden unveiling of a low-cost Chinese-created competitor in the AI (large language model) world. George provides some useful perspective on what this means more broadly. If the Magnificent Seven US tech …

Jeremy and Gareth talk through the first week of Trump's second term - tariffs are delayed and perhaps downgraded, and Donald has told the Davos attendees how to grow their economies so they can pay for NATO. Closer to home, Rachel Reeves is unveiling policy after policy designed to spur growth...can it last? And can it work? This week saw a slew o…

With peace breaking out in the Middle East, and Trump taking back the keys to the White House, the world is changing fast... Jeremy and Gareth discuss the ways that the USA is causing trouble for other countries - and Rachel Reeves. But some benign inflation data rode to the rescue, and UK companies reporting "in line" trading are putting on double…

As we kick off 2025, Jeremy and Gareth discuss the impact of Donald Trump's rhetoric (and eventual actions) and the reality that destabilising the world works for Trump in two ways: his eventual arrival and "resolution" of many of these Trump-created pressures will be seen as a great "deal" for him to celebrate, and in the meantime the disarray wil…

This week, Jeremy and Gareth discuss Jay Powell spoiling the Santa Rally, indicating that rates might not fall as far as he previously said, sending the US $ soaring and risk assets into a tailspin. Is this the end of the Trump Trade? Maybe, and perhaps not a bad thing for the UK market. The DXY index is the gauge of how this might play out. In the…

This week, Gareth and Jeremy discuss the new world order emerging ahead of The Donald's arrival. The end of 50 years of the Assad regime in Syria is a win for Turkey and Israel but leaves uncertainty surrounding the country and the region's future direction. China signals that its leadership is prepared to accept a lower yuan to counter the prospec…

George and Ian discuss recent results and look at more detail at Oxford Metrics and FD Technologies. Oxford Metrics (OMG) has faced head winds as it returns to ‘normal’ after the pandemic and supply chain issues. But it also now has the opportunity in smart manufacturing. Historically Oxford Metrics has had strong positions in relatively small glob…

This week Jeremy and Gareth talk about the surprise power vacuums in both France and South Korea, with Europe and Asia needing stability and cohesion more than ever, as Trump looms. Jeremy runs through the pros and cons of a Trump presidency for the economy, and the UK still seems a safe (and cheap) place for global investors to park some capital. …

This week Jeremy and Gareth talk through the goings-on in the USA, as Trump's cabinet takes shape - with some of the picks being less outlandish than you might think. Trump's cheap energy policy ironically raises natural gas prices in the short term, and as ever, don't forget Japan... The UK has been busy, with four Progressive clients ( Idox, Seve…

George O'Connor and Ian Robertson discuss Sage results as well as other recent newsflow. Sage’s share price rose 19% on the day with the market liking it more than the analysts. Much of the debate is around the cloud native growth narrative but have the company and analysts painted themselves into something of a corner? Nvidia results get a mention…

This week Jeremy and Gareth discuss Jeremy's eye-opening discoveries from his recent trip to Buenos Aires, Argentina...an economy potentially defying the odds and showing the way for free-market success and opportunity. Jeremy provides a succinct summary and explains his reasons for optimism. Meanwhile, Trump makes his cabinet nominations, Musk-rel…

A quieter week, with the US inflation print the main data...Gareth is joined by Mike Trippitt, Progressive's financials analyst, who tells us that "higher for longer" rates can actually be not a bad thing for banks. Mike highlights that the banking sector did very well as rates rose during 2022 and 2023, and discusses the current outlook. Progressi…

George O'Connor and Ian Robertson discuss Q3 Tech news. They talk about the impact of the UK Budget and then the US Election on the tech sector. AIM rallied ater the UK Budget but then gave up the gain as American institutional investors who've been buyers of UK tech this year, suddenly found a reason to go back home with tax cuts promised to US co…

This week, Gareth is joined by Alastair Stewart, Progressive's Building & Construction analyst. The main topic of discussion is obviously the US election, the initial market relief at the quick result, and market hopes for a capital-friendly and economically successful second Trump term. The benefits of "drill, baby, drill" vs the pain of tariffs a…

Jeremy and Gareth discuss, obviously, the UK Budget... Rachel Reeves may have (just) avoided a Kwarteng moment, but bond investors have been worried at the level of debt. Equity investors, on the other hand, have shown relief that AIM's IHT benefits are largely intact following Wednesday. But it was a "big" Budget with lots of new tax, and lots of …

Jeremy and Gareth look back over the week and concluded that it mostly lived up to last week’s billing…little major economic news; but plenty of politics in the headlines. Bond yields globally are rising despite central bankers in general telling us that inflation is dead, although some more hawkish comments came from the Fed. Meanwhile, the IMF ha…

This week Jeremy and Gareth discuss events in Gaza and Israel, with oil prices lower as the risk of an attack on Iranian oil facilities has reduced, and the death of the Hamas leader could even open the fabled "path to peace". Meanwhile, even as energy prices dip, datacentre owners Google, Microsoft and Amazon are buying nuclear power capacity to a…

George O'Connor and Ian Robertson catch up on recent Tech news. Ian sees some common themes with Pinewood (PINE) and Made Tech (MTEC) results – looking at sales processes and how much more difficult it is to sell software than services, and how lines can become blurred. George looks to the results of TCS (Tata Consultancy Services), the services be…

This week Jeremy and Gareth comment on the "jury's out" reaction to Chinese stimulus, and worries that US inflation may be hard to eradicate. The UK seems to be doing reasonably well despite investor worries over tax increases and bond-market concerns about increased borrowing. Jeremy quotes a chancellor to Louis XIV, and suggests that Rachel Reeve…

This week Jeremy and Gareth focus on Asia...the "Beijing Bazooka" has launched Chinese equities skywards, while Japan still holds risk for global markets. Ironically, current tensions in the Middle East might be helping markets ignore Japan for a while longer, but in Europe inflation has fallen fast, raising concerns of a slowing economic outlook. …

Jeremy and Gareth are joined this week by Alastair Stewart, Progressive's Building and Construction analyst. The main macro surprise this week has been some rapid and arguably extreme stimulus activities undertaken by the Chinese authorities...Jeremy points out that although this has been seen as something of a "sugar rush" of good news (Chinese eq…

George O'Connor and Ian Robertson catch up on recent Tech News after the summer break. They consider Gamma Communications and IQE and what some might see as the difference between a good stock and a good business. Even though a company can lay claim to great IP and great tech, it is just as likely, if not more, that it is the position in the value …

This week's podcast sees Jeremy and Gareth discuss the 50-basis point cut from the US Federal Reserve, who have previously told us that inflation is pretty much under control and the primary focus is now saving jobs (the US has a dual mandate, unlike the UK Central Bank). But there is risk - Jeremy highlights that the last time the Fed cut rates by…

This week, Jeremy and Gareth discuss the prospects for a soft or hard landing for the US economy. While bond and oil markets are pricing in a recession, other markets like gold and the yen suggest financial market stress. However, while the US inflation prints are softening, the main focus for policymakers is jobs. Equity markets are skittish and i…

This week in The Market Call Jeremy and Gareth discuss the choppy start to the month of September - potentially echoing the worries at the beginning of August. Back in August, the concerns related to a rising Yen and falling dollar, a "carry trade" that might unwind with consequent selling of US assets. This time, the worry is that although Fed Cha…