This market commentary has been produced by the Investment Management team at Hanson Asset Management. 
The first two weeks of December were, for those folk expecting a “Santa Rally,” something of a disappointment as markets slid back down to October lows before finally staging a rally at the very end of the year. Macro events remain in play but are receiving fewer headlines as nothing much seems to change; Syria is a human disaster zone, ISIS remain a thorn in the side of western civilization and Russia remains in the Crimea supporting pro-Russian militants. However, the biggest influences on markets were probably economic, particularly the impact of the continuing slide in the oil price. The divergence in economic outlook between the USA and UK, which seem to be set fair on an economic recovery course and the rest of the world, is now quite pronounced. Between them, Europe and the Emerging Markets are struggling against headwinds of deflation, no growth, falling commodity prices and a strengthening US dollar.
The full report can be downloaded here.


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