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Market Commentary

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

Growth Leadership Extends as Inflation Fears Ease

May 2026

  • AI-fueled growth dominates
  • Oil drop eases inflation and supports risk assets
  • Rising concentration risk
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Violent Reversal to Risk-On

April 2026

  • Melt-up ignited
  • Narrative beat noise
  • Risk-on regime shift
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Operation Epic Fury Drives Cross-Asset Volatility

March 2026

  • Shock to the trend
  • Diversifying assets sold off
  • All assets are more sensitive
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Volatility Returns as Leadership Rotates

February 2026

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