Macro Regime: Mixed | Bias: Regionally Selective The Big Picture Equity markets are telling a divided story this week. The picture is not uniformly risk-on or risk-off. It is regional, sector-driven, and increasingly sensitive to the macro data calendar ahead. US and Japanese equities continue to trend higher, supported by sustained momentum and persistent optimism around AI and semiconductor growth. That theme has shown resilience and continues to attract capital. However, t

Rating: Risk-On | Bias: Selectively Bullish · Technically Led The Big Picture Positive news on the prospects of a deal to reopen the Strait of Hormuz has shifted the tone meaningfully this week. Equity markets gapped higher over the weekend reflecting that relief, and the broader cross-asset picture is confirming the move. The VIX has declined further and is holding below 20. That is the clearest real-time read on market fear, and right now it is saying risk appetite is in pl

Macro Regime: Risk-On The Big Picture Evidence for a risk-on sentiment has developed. VIX futures have been in decline over the last four to five weeks, whilst US equities and emerging markets have been trending up. This indicates genuine risk appetite, although it must be said that this is predominantly being driven by tech stocks, with the Nasdaq leading the broader market by a meaningful margin. The commodity complex tells the same story. Silver, copper and platinum are al

Rating: Risk-Off | Bias: Cautious · Highly Selective The Big Picture Ceasefire talks with Iran have broken down, and markets have opened the week accordingly. The VIX gapped higher over the weekend — a straightforward read that uncertainty has returned in force. Energy prices remain the central concern, with the Strait of Hormuz situation unresolved and the threat of supply disruption very much alive. Until there is some clarity on the geopolitical front, the broader pictur

Rating: Risk-Off | Bias: Cautious · Selective Longs Only The Big Picture The ceasefire talks with Iran have collapsed, and markets gapped into the week reflecting that reality. The VIX surged over the weekend — a clean signal that uncertainty is back in control. Energy prices remain the focal point, with the Strait of Hormuz situation unresolved and supply disruption risk firmly on the table. Until there is clarity on the geopolitical front, the broader market environment sta

Executive Summary Gold remains a sought-after safe haven amid rising inflation, currency devaluation, and economic uncertainty. The iShares Physical Gold ETC (SGLN) provides retail investors with an accessible way to hedge against these risks by tracking physical gold. While long-term trends are bullish and gold's value as a store of wealth is reinforced, technical charts suggest a short-term pause or correction; investors may benefit from patience and waiting for clear techn