Alan Greenspan, who presided over the Federal Reserve for more than eighteen years and came to embody the very idea of central banking, died 22 June at his home in Washington at the age of 100. He leaves behind the legacy of a man celebrated as the “Maestro” of the global economy, before the crises that followed made his record more controversial.
Just months ago, consensus called for a weaker dollar and higher gold & silver. Five months later, everything changed. Each week, the Syz investment team takes you through the last seven days in seven charts.
The S&P 500 earnings yield has fallen below Treasury yields for the first sustained period since the dot-com era. Does this mark a new regime for equity investors?
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Alan Greenspan, who presided over the Federal Reserve for more than eighteen years and came to embody the very idea of central banking, died 22 June at his home in Washington at the age of 100. He leaves behind the legacy of a man celebrated as the “Maestro” of the global economy, before the crises that followed made his record more controversial.
The S&P 500 earnings yield has fallen below Treasury yields for the first sustained period since the dot-com era. Does this mark a new regime for equity investors?
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Global equity markets sold off sharply in the week to Friday 26 June 2026, as investors reassessed AI-related valuations against a backdrop of hawkish Federal Reserve signalling and sticky inflation. The MSCI ACWI fell 2.2%, with technology and semiconductors bearing the brunt of the decline — the Nasdaq 100 lost 4.2% and the iShares Semiconductor ETF shed 7.7%. The sell-off was sharpest in AI-exposed markets across North Asia, with the KOSPI and TAIEX both falling over 5%. Defensives and small-caps outperformed globally, with healthcare, insurance, and consumer staples all posting gains. Micron's record quarterly earnings provided a late-week counterpoint, but were insufficient to reverse the broader de-rating of growth assets.
Just months ago, consensus called for a weaker dollar and higher gold & silver. Five months later, everything changed. Each week, the Syz investment team takes you through the last seven days in seven charts.
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