The technology sell-off has broadened after results from Alphabet, Amazon and Intel. Strong demand for cloud computing and AI infrastructure is being weighed against heavy investment, softer growth in established businesses and pressure on cash generation. Investors want clearer evidence that spending will deliver lasting shareholder returns. We remain positive on equities over the long term, while emphasising selectivity, diversification and the discipline to remain invested

The global economy has taken a great deal in its stride this year: an oil shock, a war in the Gulf and, in September, the first US rate rise in three years. Company earnings have kept growing through all of it, which keeps us positive on equities. Bonds are paying a proper income again, and we see little reason to leave surplus cash sitting idle. Infrastructure remains our strongest conviction.