Market Commentary

A glance at the previous month’s market events and thoughts on the near future.

Volatility Returns as Leadership Rotates

February 2026

Ever more fragile market environment
Geopolitical uncertainties abound
Cost of protection is on the rise

Early‑Cycle Rotation Beneath a Calm Surface

January 2026

Global Rotation Beneath Modest Headline Gains
Divergence Across Asset Classes
Transition Toward Early‑Cycle Dynamics

Late-cycle Calm into Year-end

December 2025

Muted risk signals
Equity resilience outside the US
Precious metals continue to stand out

November to Remember

November 2025

Markets paused but did not shift regimes
Clear expectations of a Fed cut
Strong metals and weaker Energy
Volatility up but controlled