My Finance Hub

IMS Monthly Update


  • 1st September 2026

    If you've read some of our recent updates, you'll know we've spent quite a lot of time discussing the disconnect between bond and equity markets. The latest company reporting season was another good example of why investors continue to be optimistic on the latter.


  • 1st July 2026

    The issues that dominated markets in May continued into June, with the war in Iran remaining the key theme. Despite ongoing reservations about the scope of the memorandum of understanding signed by the US and Iran, the interim deal initially helped oil prices move back towards pre-war levels after the Strait of Hormuz was reopened. That was an important development, given the impact higher energy prices have on inflation.


  • 1st June 2026

    The main theme of May continued to be the ongoing fallout from America’s war with Iran, with the path for inflation and interest rates far less straightforward than it appeared earlier in the year. The key issue from an investment perspective is the impact that the war has had on global energy prices and, in turn, the cost of food and other essentials.


  • 1st April 2026

    March was dominated by developments in the Middle East as the conflict between the US, Israel and Iran continued to unfold. Events moved quickly as the month progressed, often with limited clarity around the political end game. While the humanitarian impact remains a serious concern, from an investment perspective the market implications centred on risks to energy supplies, shipping routes and knock-on effects on inflation.


  • 1st March 2026

    The past few weeks have been marked by a somewhat strange dichotomy in markets. On one hand, high-flying US technology stocks have hit a wobble as investors began to demand tangible returns on their massive investments in artificial intelligence (AI). On the other hand, a wave of volatility has struck a range of service-sector companies as markets rapidly price in the risk that new AI tools could challenge their business models.


  • 1st January 2026

    As we embark on a new year, it is always useful to look back at events over the previous twelve months. The year began with markets still dominated by the artificial intelligence (AI) theme, but with growing unease around concentration and valuations.


  • 1st December 2025

    November began with the tech rally still firmly in motion, with the largest companies driving returns across developed markets. As has often been the case, it was a small group of mega cap companies doing most of the heavy lifting and such narrow leadership tends to leave little room for error.


  • 1st October 2025

    One of the year’s main themes has been the somewhat dull but nonetheless important issue of steadily rising government borrowing costs, and September saw this trend gather pace. In the UK, 10-year gilt yields moved above a level not seen since the late 1990s. Despite attempts from some quarters to suggest this is a UK-specific problem, other major countries have followed the same path.


  • 1st September 2025

    The main story of the month was arguably not the latest news on Donald Trump’s global trade war, or the real wars that continue to rage, but the seemingly more prosaic topic of central bank independence.


  • 1st July 2025

    With the situation in Iran continuing to evolve, it is regrettably necessary to begin another update by noting that this commentary discusses the impact of recent events on the global economy. This is not the place to dwell on the human cost of the latest conflict to feature in these pages and, as ever, we hope for a quick and peaceful resolution.


  • 1st June 2025

    The main story this month continues to be the US administration’s stance on trade. President Trump’s latest round of tariffs - dubbed Liberation Day 2.0 - were dealt a blow at the end of May after a federal trade court ruled that they exceeded presidential authority. The court’s judgment placed many of the proposals in legal limbo, but a federal appeals court has now granted a temporary stay, allowing the tariffs to remain in place until further notice and adding to the state of befuddlement about the whole situation.


  • 1st April 2025

    The dominant market theme in March remained consistent with previous months - US equities continued to experience high volatility, largely driven by structural weaknesses in the American economy and Donald Trump’s increasingly aggressive stance on international trade.


  • 1st March 2025

    February saw global markets grappling with a shifting economic landscape as investors reacted to fresh data on inflation and economic growth, alongside worries about the impact of tariff policies.


  • 1st January 2025

    While 2024 was heralded as a year when nearly half the global population went to the polls, geopolitics ultimately stole the spotlight from electoral outcomes. Significant political events in France, Syria, and Eastern Europe created ripples of uncertainty, but they had surprisingly little impact on market sentiment. Instead, investors’ attention was dominated by broader themes, including trade disputes, energy market dynamics, and central bank policies, which are now shaping the investment landscape as we head into 2025.


  • 1st December 2024

    Our latest quarterly review covered the period up to the end of October and therefore did not discuss the outcome of the US election. With the results now in, markets have shifted their focus to the potential economic and policy implications of Donald Trump’s second term as US president.


  • 1st October 2024

    After our previous update focused on the causes behind a major bout of volatility, it is pleasing to be able to use this update to explain the reasons behind a recent burst of positivity that caused markets to surge upwards.


  • 1st September 2024

    “When America sneezes, the rest of the world catches a cold.” This phrase is often used to describe the importance of the US for the rest of the world because any weakness in the world’s most powerful country inevitably feeds through to all of us. Originally used to refer to the political power of France, the phrase is now commonly trotted out whenever there are wobbles in the American financial system.


  • 1st July 2024

    Depending on when you read this update, the election results might already be in and you'll now know which party will be in charge of the country for the next five years. If you're quick and read this before the results start to come in on Thursday, the truth is you probably already know who will be inheriting arguably the worst economy since the Second World War.


  • 1st June 2024

    I talked a lot about uncertainty in the last update, specifically around the subject of inflation and interest rates. In the UK we at least know that the long-awaited general election will be on the 4th of July. The prime minister had said that an election would happen in the second half of the year and so, much like his promise to grow the economy, he technically kept his word, if only just.


  • 1st April 2024

    After the revelation that the UK fell into a technical recession at the end of last year, the latest data suggests that the downturn could be as short as many had predicted. The reversal was largely ignored by local markets given the lack of surprise, but Rishi Sunak will certainly be hoping that the trend continues as we get ever closer to the next election.


  • 1st March 2024

    This month’s update is a little longer than usual as it focuses on two distinct themes, one local and one global. Both subjects are of interest to us from an investment perspective and they will also, I hope, provide an interesting insight into the detail behind some of the big stories of the moment.


  • 1st January 2024

    Recessionary fears cast a long shadow at the start of 2023, fuelled by relentless interest rate hikes. While rates continued to rise through much of the year, a significant shift in sentiment occurred by December, with the focus turning to when the first cuts might come.


  • 1st December 2023

    Markets have rallied strongly since the latest investment review with all of the portfolios now positive over the last one and three months. The consensus view on why this has happened is that markets are of the view that inflation and therefore interest rates have peaked and they’re now focused on when the cuts will come.


  • 1st October 2023

    The factors driving markets over the last month have had a familiar ring to them. 2023 has been dominated by the actions of central banks and September was no different. However, the end of the month saw some decisions made which might suggest that we’re moving into a new phase.


  • 1st September 2023

    The review went out in early August, a famously quiet month in typical years. With politicians, central bankers, investment managers and their clients all off on holiday for much of the period, there is usually a lull in news and activity with markets bubbling along slowly. That wasn’t quite the case this year.


  • 1st July 2023

    As had been widely predicted, no change was made at the latest meeting of the Federal Reserve in the US, with interest rates remaining in a range of 5%-5.25%. The first pause after 10 consecutive hikes was expected, especially with inflation in May falling to 4% (the lowest level in two years), but the accompanying message was that the era of rises was not over.


  • 1st June 2023

    I mentioned in the commentary which accompanied the review that without any further shocks, the fight against inflation would remain the preeminent factor. When I wrote that, I was aware that there was a particular issue that could act as a distraction from the relative mundanity of debates over monetary policy: the rapidly approaching US debt ceiling. Concerns about this recurring headache have been floating around for a while but as we headed towards an uncertain deadline date, they began to peak.


  • 23rd March 2023

    We've put this update together a little earlier than scheduled in light of events over the last couple of weeks which have been leading financial (and indeed many mainstream) headlines. As you will have probably already seen, after a sustained period of negative news stories and despite a brief rally in its shares following the announcement of a $54bn lifeline from the Swiss National Bank, Credit Suisse has been bought by UBS for $3.25bn. Swiss regulators brokered the sale in order to shore up the country’s banking system to try to reduce the contagion risk spreading to other companies.


  • 1st March 2023

    For many of us, February brought a few spring-like days that hinted that we might be approaching the end of what seemed, to me at least, to be an interminable winter. However, towards the end of the month frosty conditions returned as temperatures dropped, echoing what was happening in markets.


  • 1st January 2023

    I started writing this update by reminding myself of our first message from the beginning of last year. In contrast, it is probably fair to say that we enter 2023 with a little more positivity with the pandemic becoming a background noise (for most of us) rather than the dominant story that it was 12 months ago. Actually, this isn’t quite the case everywhere in the world as we’ll cover later on, but the more pressing concern from an investment perspective is the threat of recession, something which markets don’t like but are much more familiar with.


  • 1st December 2022

    In the update that accompanied the review I highlighted the factors that had been dominating markets, with the actions of the US Federal Reserve being one of the key ones. Very early in this new quarter it raised rates again, making its fourth straight 0.75% hike and the sixth rise in a row.


  • 1st October 2022

    It’s not often I cover the details of a budget in these updates as they don’t usually have a direct impact on our investments, but it’s safe to say that the policies announced by the new chancellor were not especially well received outside of a very small group of high earners and business leaders. Kwasi Kwarteng’s fiscal event led to an immediate fall in local indices and saw sterling hit an all-time low level versus the US dollar.


  • 1st September 2022

    I said in the update that accompanied the recent quarterly review that inflation was approaching double digits which was not intended to be a prediction, but rather a statement of fact. This fact was confirmed in the latest update which showed that the UK hit a reading of 10.1% for the 12-months to July, making us the third developed country to pass 10%. The rate is rising rapidly as energy bills have tripled from the level they were at a year ago, and the effect is worse for businesses, where there is no energy price cap.


  • 1st July 2022

    In our last update the focus was on how markets were interpreting the outlook for interest rate rises and in many ways not a lot has changed over the intervening period, at least from a thematic perspective. What we have seen, however, is a growing confidence that major economies like the US are heading for a recession as efforts by central bankers to control inflation without overly cooling their economies appear to be failing.


  • 1st June 2022

    It’s fair to say that markets have not been having the greatest time since the review went out, or indeed since the start of the year for that matter. The main US market, the S&P 500, managed to avoid an ignominious record in the final full week of the month with a (very) positive return helping it to miss out on 8 straight weeks of losses. This would have broken a record dating back before World War II and something that has only happened twice before.


  • 1st April 2022

    It has often been noted that during the pandemic, time appeared to move more quickly; two years passed in a flash. Despite this it does seem to have taken forever for the clocks to finally spring forward after what turned out to be a long and metaphorically dark winter. But they now have and as we enter the second quarter of the year, we can begin to enjoy lighter evenings and, hopefully, a broader sense of positivity as well.


  • 1st March 2022

    In light of recent events it is perhaps unsurprising that the bulk of this update centres on the situation on Europe’s eastern border. While there are other elements that are impacting on the medium term investment outlook, the situation in Ukraine is clearly the most relevant at this juncture. For the avoidance of doubt, this update is designed to cover the investment impact of Russia’s invasion of Ukraine and I’ll leave any commentary on the humanitarian impact to those better placed to comment.


  • 1st January 2022

    As ever, if you looked only at market performance, you could be forgiven for thinking that Covid had indeed ceased to be an issue. Most major indices were up over the month with the FTSE 100 reaching its highest point since the start of 2021 and several, including the S&P 500, finishing the year at record levels. Over the holiday period many markets enjoyed their traditional “Santa rally”, the period around Christmas where markets tend to enjoy a boost. Statistically it is the period during which the S&P 500 index is most likely to produce a positive return versus any other time of year.


  • 1st December 2021

    Following a fairly quiet few weeks where most of the focus was on when interest rates might rise, on the final Friday of the month the spectre of Covid made a dramatic return. Coronavirus infections have been rising in Europe recently and despite the reintroduction of some restrictions markets had seemed largely unconcerned. The change came when, in an act of perverse timing, Black Friday brought with it news that a new variant of Covid 19 had been found.