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July 2023

Global equities gained in Q2 2023, with the advances led by developed markets, notably the US, where investor enthusiasm for Artificial Intelligence (AI) boosted the technology sector. However, emerging markets lagged behind.

Major central banks raised interest rates during Q2 2023, although the US Federal Reserve elected to “pause” their rises in June. Government bond yields therefore rose, and consequently prices fell.

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June 2023

There was a mixture of returns within equity markets as positive investor sentiment for Artificial Intelligence (AI) stocks and robust survey data from the service sector boosted US, Japanese and some Asian indices. However, disappointing manufacturing survey data and falling commodity prices saw indices fall in the UK, Europe, China and Emerging Markets. Market volatility caused by the US debt ceiling negotiations subsided after it was clear a deal would be struck. Government bond yields continue to rise, which meant prices fell.

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May 2023

On the whole, global equities rose in April, supported by some resilient economic data. Chinese equities were a drag on the Emerging Market sector, which subsequently underperformed developed market equities. US bonds generated positive capital returns as yields fell, but in other bond markets price fell as yields rose.

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April 2023

All major global equity indices gained in Q1 2023. Equities were supported by receding recession worries in developed markets and the positive returns came despite the collapse of Silicon Valley Bank (SVB), which caused significant volatility in global bank shares and fears of a new banking crisis. However, Central Banks moved quickly to allay such fears and reassure investors. Over Q1 2023, bond yields fell meaning that prices rose.

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March 2023

After the strong returns in January, global equities declined in February. Investors became concerned that the resilient economic data published during the month will mean that interest rates will continue to rise for the foreseeable future. The US Federal Reserve (US Fed), European Central Bank (ECB) and Bank of England (BoE) all raised interest rates in the month, which lead to bond yields rising and prices falling.

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February 2023

Equities started strongly in January 2023 with gains across the vast majority of global markets. A number of factors contributed to this positive start, including China’s decision to relax its zero-Covid policy and signs that inflation may have peaked. Furthermore, Central Banks may be close to the peak of their rate hiking cycle, with the pace of rates hikes also slowing.

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