Back in the nineties, it was relatively easy for professional traders to make money. It was the dawn of direct market access and electronic trading. Stocks would occasionally trade at different prices on different exchanges, allowing traders to buy Lufthansa in Berlin while simultaneously selling it in Frankfurt for a profit. It was, for a while at least, the closest thing to printing money. Of course, those opportunities could not last. They gave rise to high-frequency tradi

The great style rotation appears to be underway again. Over the past week, value stocks have outperformed growth, extending a trend that has characterised much of 2026. After years of being overshadowed by the AI-fuelled rally in mega-cap technology, sectors such as financials, industrials and healthcare have begun to attract renewed investor interest. The drivers behind the recent shift are easier to explain than to predict. Investors have become more confident that economic

Don’t look now, but oil prices have quietly fallen back towards levels seen before the war with Iran began. This is somewhat surprising given that the United States and Iran remain some distance from a comprehensive agreement, and it’s not like Iran’s nuclear ambitions have disappeared, or Israel’s security concerns have vanished overnight. Despite repeated warnings that it could take months for the region to normalise, why do the oil markets appear so remarkably relaxed? For

One of the enduring traditions of modern warfare is that, eventually, everyone claims to be a winner. The latest US-Iran agreement appears to be no exception. Washington can point to military success and the reopening of the Strait of Hormuz. Tehran remains in power and will no doubt portray its survival as a triumph. Israel can argue that it has significantly weakened a long-standing threat. Everyone gets their headline. Whether anyone achieved their original objective is an