Monthly Market Commentaries

Optimism continued to rise in August amid mounting hopes for a COVID-19 vaccine and solid global growth. Throughout the year, countries’ ability to contain the coronavirus has been the dominant driver of their relative economic performance

U.S. data suggested that activity improved towards the end of the quarter, as May's strong global growth momentum carried over into June.

It was a historic quarter for financial markets. Coming into the quarter, markets had just begun to rebound after the outbreak of COVID-19 and subsequent government mandated lockdowns...

Developed market economies, which came to a sudden stop during the pandemic lockdown period of March and April, entered the recovery phase in May.

Early April was marked by a rally in equities and lower market volatility as COVID-19 infection rates peaked. Inspired primarily by the possibility of resumed economic activity, investors drove the MSCI All Country World Index 10.6% higher in April.

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.