Select Portfolio Commentaries

Markets continued to rise after a strong start to the year, despite a busy month of news. Equities were supported by solid company results and steady economic data, showing the global economy remains on firm ground. Emerging market equities performed particularly well, helped by a weaker dollar and strong local growth.

Markets ended the month on a steady note as the global economy continued to grow. After a year when political headlines often drove market moves, investors shifted their focus back to company fundamentals, such as profits.

Markets were volatile during November, moving up and down in response to news and economic developments, but overall were little changed by the end of the month.

This month, markets were shaped by steady economic signals and clearer policy conditions.

Markets moved higher in September as the US Federal Reserve delivered its first interest rate cut of the year. Lower borrowing costs improved funding conditions and boosted demand for both equities and bonds, lifting investor confidence. The US economy remained resilient, with strong data reassuring investors that growth remains on track even as inflation eases.

Markets delivered positive returns in August, supported by resilient economic data and strong company earnings. Japan was a standout, with equities rising strongly after the conclusion of a new trade deal with the US and GDP growth that exceeded expectations. These developments added confidence to the broader outlook for global growth.