Murdo MacLean shares Walter Scott’s perspective on three headwinds facing equity markets.
Key points:
- Market volatility is being driven by three developments affecting equities.
- First, the risk around private credit is rising and defaults are increasing, albeit from a low base.
- Second, the Middle East conflict is disrupting oil, airlines, and supply chains. Markets appear relatively calm, but vigilance is key.
- Third, AI advances like Anthropic’s Claude unsettled software in February but not all software companies are created equal and volatility often creates opportunity.
3195459 Exp: 3 July 2026
