We are approaching the midpoint of a year once again defined by persistent geopolitical uncertainty. In such an environment, portfolio construction is truly put to the test. One of the key lenses used in this context is cross-asset correlation, as it provides a direct read on the diversification benefits investors can realistically expect. The most closely watched relationship in this regard is, of course, the correlation between equities and bonds.

A new supply shock has arrived. Here’s what it means for markets.

AI-driven bubble fears and a liquidity scare took centre stage during the fourth quarter. Mixed sentiment triggered spikes in market volatility, yet most major equity indices closed the year at or near all-time highs. Precious metals, particularly gold and silver, delivered another standout quarter, while cryptocurrencies tumbled. We examine the drivers behind the turbulence and outline the outlook for the year ahead.