James Mackintosh

London

Senior Columnist, Markets at The Wall Street Journal

Senior Markets Columnist at the Wall Street Journal. Ex FT Investment Editor (writer of Short View column). Retweets not endorsements. Views mine. All organic.

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Articles

The Burning Question for Investors After Last Week’s Tariff Tumult: Streetwise

1 week ago | wsj.com | James Mackintosh

Light a fire in a storm in midwinter and nothing happens. Light a fire after a long, hot summer and, well, the president should have been warned about playing with matches. The question investors need to answer about last week is how much of the trouble in markets was because President Trump’s tariffs provided a spark, and how much because the tariffs were themselves the fire.
米国から逃避する投資マネー、3つのポイント

1 week ago | jp.wsj.com | James Mackintosh

トランプ氏の貿易戦争で資産全般の脱米国化が加速、損失は株式・債券・ドルの下落よりも大きい　市場のベテランたちが集まると、過去の印象的な暴落がよく話題に上る。2020年、11年、08年、1998年、あるいは年配者であれば87年に、自分がどこにいたかという話だ。先週の出来事もその仲間入りを果たすことになるだろう。投資家が米国市場から逃げ出した時、あなたはどこにいただろうか。　先週の市場の動きは取引をしようとした人々にとっては楽しいものではなかったが、振り返ってみれば興味深い出来事が満載だった。株式市場は、2日間の下落としては過去最大の下げ幅、そして1日の上昇幅としては史上まれにみる大きさを記録し、投資家を翻弄（ほんろう）した。一方、米ドルは急落し、米国債は一段と深刻な問題の警告サインを示した。Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved.
Will the Last Investor to Leave America Please Turn Out the Lights

1 week ago | wsj.com | James Mackintosh

The damage from Trump’s trade war is far greater than the losses in stocks, bonds and the dollar seen so farWhen market veterans gather, the talk often turns to memorable crashes: Where they were in 2020, 2011, 2008, 1998, or for the older among them, 1987. Last week should join that list. Where were you when investors fled America? The week was full of thrills that will be more fun to look back on than they were for those trying to trade them.
米株、どこまで下げれば買い時なのか

2 weeks ago | jp.wsj.com | James Mackintosh

株価急落のリスクを踏まえた上で、勇気ある投資家は市場に戻り始めてもよい　投資家は自動車の後部座席にいる子どものように問いかけている。「もう着いた？」と。米株式市場で史上まれに見る急落が起き、7日はS&P500種指数が一時、2月の日中高値から20％超下落し、弱気相場入りする場面があった。果たして今は買い時なのか。　愚問に聞こえるかもしれない。ドナルド・トランプ大統領が発動した関税は、米経済に打撃を与え、世界的な景気後退を引き起こすことが懸念される。恐らくもっと悪いのは、関税対象に無人島が含まれ、算出方法の不備で実際は「相互的」でない関税があるなど実施する際に無能さを露呈し、米国の政策立案への信頼を傷つけたことだ。恐怖がまん延する中で、株式を買おうとする者はいない。Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved.
米株、どこまで下げれば買い時なのか

2 weeks ago | on.wsj.com | James Mackintosh

株価急落のリスクを踏まえた上で、勇気ある投資家は市場に戻り始めてもよい　投資家は自動車の後部座席にいる子どものように問いかけている。「もう着いた？」と。米株式市場で史上まれに見る急落が起き、7日はS&P500種指数が一時、2月の日中高値から20％超下落し、弱気相場入りする場面があった。果たして今は買い時なのか。　愚問に聞こえるかもしれない。ドナルド・トランプ大統領が発動した関税は、米経済に打撃を与え、世界的な景気後退を引き起こすことが懸念される。恐らくもっと悪いのは、関税対象に無人島が含まれ、算出方法の不備で実際は「相互的」でない関税があるなど実施する際に無能さを露呈し、米国の政策立案への信頼を傷つけたことだ。恐怖がまん延する中で、株式を買おうとする者はいない。Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved.
美股跌到什么时候才能抄底？

2 weeks ago | cn.wsj.com | James Mackintosh

胆子大的投资者可以开始谨慎地重返股市了，前提是他们明白股市很可能会进一步大幅下跌。投资者就像坐在汽车后座的孩子一样，有着同样的疑问：我们到了吗？在经历了历史上最糟糕的股市暴跌之一后，标普500指数周一一度跌入熊市，较2月份盘中高点下跌超过20%。那么，现在是买入的时候了吗？这听起来可能像是一个愚蠢的问题。美国总统唐纳德·特朗普(Donald Trump)实施的关税将重创美国经济，并有可能引发全球经济衰退。或许更糟糕的是，这些关税的实施极其不力，例如其中包括对无人居住的岛屿征收关税，而且在有缺陷的公式中没有体现真正的对等原则，这些都损害了人们对美国决策的信心。当恐惧情绪占上风时，没有人会想要股票。Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8立即订阅热门文章热门视频
Streetwise: What the Market Rebound and Quick Retreat Tell Us

2 weeks ago | wsj.com | James Mackintosh

Markets got a live test of two theories on Monday: President Donald Trump being willing to negotiate on tariffs would be the trigger for a rebound in stocks, and Trump escalating the trade war would be really, really bad for stocks. The first proved right, in a twisted sort of a way. Headlines suggested Trump was considering pausing tariffs for 90 days. Stocks duly jumped almost 6%, regaining all their losses for the day.
How Far Does the Market Have to Fall Before It’s Time to Buy?

2 weeks ago | wsj.com | James Mackintosh

Quite a lot of bad news is now priced in. Brave investors can start to tiptoe back into the market—so long as they realize that stocks could easily fall much further. Investors have the same question as the child in the back seat of the car: Are we there yet? After one of the worst stock plunges in history and with stock futures suggesting the S&P 500 is on the cusp of a bear market, is it time to buy? This might sound like a dumb question.
The 'Trump Thump' Market Swoon Was Historic

2 weeks ago | wsj.com | James Mackintosh

The big question for traders going into Monday: How much worse can it get? The selloff has already been one for the record books. The “Trump Thump” will go down alongside 1987’s Black Monday, 1929’s Black Thursday, the dotcom crash and the pandemic as one of the worst times ever to be in the stock market. The two-day fall of 10.5% makes it into fourth place in the worst two-day drops since the S&P 500 was created in 1957.
Oil Price Drops 8%

2 weeks ago | tovima.com | James Mackintosh

Oil prices fell by 8% on Friday, heading toward their lowest close since the height of the COVID-19 pandemic in 2021, as China hit back in an escalating global trade war with the United States following a barrage of tariffs announced earlier this week by President Donald Trump. Brent crude futures dropped by $5.30, or 7.6%, to $64.84 per barrel as of 12:54 GMT, while U.S. West Texas Intermediate (WTI) futures fell by $5.47, or 8.2%, to $61.48.