Courteney Morrison

Giving a little bit away here but in Q2 2016 I was just a young whippersnapper starting out on my sales-trading career, focussed on getting buy and sell the right way around, remembering that Norway shuts an hour early and, I have to admit, I had a bit more hair than I do now. But it was also the last time the European Midcaps (MCXE) outperformed the Euro Stoxx (SXXE) by as much as they have done so far this week. Too early to scream ‘trend change’ given they and the Smalls (SCXE) have underper…

A weird start to a fairly weird week which includes market holidays, a Fed rate decision, key data across the globe, month end, corporate earnings and as a result a fairly hesitant start. The Stoxx 600 gained a few bps and manage to close the day higher but without much style and fanfare when the day’s range stayed within an incredibly tight 35bps. That could probably end the Snapshot if we were keeping things super snappy but there was maybe a little bit more to mention. In macro German CPI wa…

There was something for everyone today: For the stock picking purists there was 70 odd European companies updating us today on how they’ve coped so far in 2024. The good news is that it is the most we’ll hear from in a single day for the quarter so the load will lighten from here on out. Another frantic morning made even the more interesting by M&A headlines within the mining sector as BHP drew up an approach for Anglo American which, if successful, would be the biggest shake up the industry ha…

A little delay to the Snapshot as days like today are hard to succinctly put into a couple of paragraphs. Lots of noise and a fast start as everyone tries to assess the earnings that rattle through at speed that shows no concern for the people trying to do the assessing. It always settles soon after the open with a bit more calm which is the thing we all have to have in mind especially ahead of a reporting schedules like tomorrow! The marathon of a week is now 60% complete and it feels like we’…

After a shoddy Six Nations campaign I’ve shifted my focus well and truly to the Euros and Scotland’s tilt at a generational changing title to put ourselves on the footballing map forever. A mouthwatering opening fixture vs Germany in Munich (Scott McTominay brace coming) followed by a clash vs Switzerland in Cologne which I’m very much hoping to attend. Flights booked but tickets are extremely hard to come by as Scottish fans amongst others fly over in their droves. The scarcity and demand woul…

Always an emotional weekend seeing all the inspirational stories from the London Marathon as 50k people trudged along the streets (some faster than others) and raised an incredible amount of money, all for amazing causes in the process. A marathon not a sprint certainly the theme for this week given the sheer volume of companies both sides of the Atlantic updating us we may have a very different view of how corporates are holding up in this higher(er) rate environment. Today was very much like…

Yields this, dollar that but today we got to ignore them (well as much as possible) and look under the hoods of some of Europe’s biggest companies. Far more interesting than what ECB speakers have to say about rate cuts and inflation targets as this was a look at how these big heavyweights have fared in the first quarter with yields elevated and the consumer surely coming under a pressure!? LVMH bounced 3% after results that were maybe not as bad as feared post some recent moves in the likes of…

The Snapshot doesn’t dwell on the weather too much for obvious reasons but last night was ridiculous – 4 seasons not in a day, but in an hour as I was caught in Hail, sun and then rain on my way home. The one we’re most concerned about is certainly the Winds that have been changing the past few days in Equities and we were certainly a little rocked by the moves after we left for the day. The Stoxx 600 opened down over >1% with a broad based risk off stroke of the brush but never really felt lik…

A bit of a spring cleanout in the Morrison household at the weekend and the outcome was despite the amount of arguments it creates it is a very therapeutic process. It’s an interesting experiment so we created a rule to make things simpler: it didn’t matter about how much it cost, if we hadn’t worn/used in a year and don’t envisage that changing in the next year it was for recycling/charity shop. Fair is Fair. Now I have no experience of investment management but this felt a little bit like Equ…

Another choppy day in European Equity markets without learning a huge amount as the Stoxx 600 fluctuated between small gains and losses but ended lower on the day to the tune of 44bps. A macro sort of day following yesterday’s large moves within the FX and Fixed Income worlds and it still feels like this Equity market is playing second fiddle. There was a small pick up in volumes today but post yesterday’s shifts and today’s ECB meeting you would have probably expected activity to be higher.. T…