Global equity markets rebounded strongly in June, following a brief pause in May, bringing a close to a very successful first half of the year for investors. Performance of some of the main indices is summarised below:
(All figures are based on bid to bid pricing with income reinvested, in Sterling terms)
The main driver was more dovish tones from the Federal Reserve in America, where expectation is now for a rate cut as early as July on the back of an increasingly uncertain economic outlook.
Month end talks at the G20 summit in Osaka, Japan between the United States and China also helped markets, soothing the concerns that dominated headlines during the previous month and providing more comfort in the on-going trade talks, for the time being at least.
UK equities following a similar path to their global counterparts through June helped in part by a rising oil price and in spite of a Brexit impasse, as the Conservative Party leadership race got underway. We are expecting to find out Theresa May’s successor on the 22nd July with Boris Johnson and Jeremy Hunt the two remaining candidates.
Pleasingly, our models also generated a positive return over the period.
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