The early momentum in U.S. equities has paused. Year to date, American indices have drifted sideways while Europe, Asia and emerging markets have outperformed. After several years of U.S. leadership, international diversification is regaining attention. In this month’s review, we examine: the compression in the S&P 500 forward earnings multiple; sector rotation driven by valuation re-pricing; investor reassessment of AI substitution risk, particularly in software and wealth m

January 2026 opens against a backdrop of resilient markets, persistent geopolitical noise and powerful structural forces shaping the global economy. Equity markets have extended last year’s momentum, commodities have rallied sharply, and enthusiasm around AI-driven investment and productivity continues to build. While headlines remain dominated by politics, tariffs and fiscal concerns, market behaviour suggests investors are increasingly focused on fundamentals: earnings grow

As we reach the close of 2025, this edition of the ICM Monthly Outlook reflects on a year defined by strong equity market returns, accelerating AI adoption and periodic bouts of volatility that tested investor conviction. From record highs in U.S. equities and a powerful AI-driven rally, to currency shifts, softer oil prices and changing central bank priorities, the past twelve months have reinforced familiar investment lessons while introducing new dynamics that will shape t

The latest market insight from ICM reports that markets paused for breath in October after months of new highs. The S&P 500 and NASDAQ moved sideways, oil prices fell, and volatility edged higher as investors weighed mixed data and policy uncertainty. Gold, however, continued to rise - a sign of cautious sentiment amid ongoing geopolitical and macroeconomic crosswinds. In this month’s market review, ICM's Senior Analyst Conor Spencer reflects on the backdrop shaping sentiment

The latest market insight from ICM reports that U.S. equity indices continue to climb, reaching multiple new all-time highs since July....

ICM’s recent opinion piece by Kate Prebble comments on how quantum progress demands careful capital and time, not inflated price tags.  ...

Financial markets experienced a significant upswing in July, driven by robust corporate earnings, particularly from large-cap and tech...

The first half of 2025 presented a tumultuous journey for U.S. equities, with seemingly insurmountable challenges that tested the...

Equity markets have continued their snapback since our last update. The U.S. equity market has recovered all ground since April 2nd,...

Liberation Day has usurped all that went before it this year. Uncertain U.S. policy around tariffs has whipped up strong economic...

ICM’s recent whitepaper on the economics of quantum computing argues that most approaches to building a quantum computer are likely to be...

February and March have been tumultuous months. It is all President Trump’s doing, as far as we are concerned. Investors can’t make head...

Financial markets have enjoyed a decent start to 2025. Year to date, in rank order, the Euro Stoxx 50 is up 10.0%, the Dow Jones is up...

Happy New Year, everyone. 2024 was another prosperous year for anyone who went long and stayed long risk assets, just like in 2023. The...