Monthly Market Commentaries

At the start of 2020, the macroeconomic environment looked primed for a modest acceleration. Private sector business sentiment had improved and developed economies’ labour markets were proving resilient.

For the second consecutive month, fears over the impact of the spreading coronavirus drove market performance in February. The month began with positive news.

In January, markets reflected two competing factors. On the one hand, the coronavirus threatened not only the timing, but potentially the trajectory of a global growth recovery during 2020.

All major asset classes, particularly global equities, enjoyed attractive returns in Q4 of 2019 in an environment of improved risk sentiment globally.

Equities performed well in November significantly outperforming bonds. November’s rally followed a strong month for equities in October and was propelled by similar drivers: a pick-up in sentiment due to...

After a year in which we saw a combination of trade and tariff uncertainty and a general slowdown in global manufacturing, it is perhaps little surprise that Germany narrowly avoided a technical recession.