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July Investment Summary
Well, that was a great year we had last month! Major developed equity markets rallied, in some cases significantly in July, buoyed by what for some was interpreted as a potential ‘pivot’ by the US Federal Reserve – time will tell if June was the bottom for developed market equities.
H1 2022 Investment Summary
A difficult and dismal June capped off the worst six month start to a year for 50 years. Most major equity markets fell between 6-9% for the month.
US Federal Reserve Commentary
US Federal Reserve Open Market Committee (FOMC) made a significant policy move and dramatic changes to their forecasts for interest rates, GDP growth, unemployment and inflation at the June 14 / 15 meeting.
May Investment Summary
The month of May provided a brief respite from the relentless bearish sentiment and price action of 2022. In sterling terms, European, Japanese and Chinese equity markets were positive for the month. The S&P 500 was basically flat while the tech heavy NASDAQ was down just over 2% for the month.
April Investment Summary
High and rising inflation, high and rising energy prices, the war in Ukraine, ongoing supply chain issues, hawkish central bank actions and the extensive Covid-19 lockdowns across much of China proved too much for risk assets.
March Investment Summary
Over the past month, our digitally connected world has brought the horrors of the war in Ukraine home to us every day through our laptops, smartphones, and televisions. Images of the destruction and now the evidence of recent atrocities committed by Russian forces against Ukraine civilians have one at a loss for words.
February Investment Summary
The dismal start to 2022 for capital markets continued in February. The Russian invasion of Ukraine, in a premeditated and unprovoked attack, has added a terrible human tragedy and a myriad of economic side effects to the investment world.
January Investment Summary
A small rally in the last few days of January turned a disastrous start to the year for major equity markets into merely a terrible start.
2022 Investment Markets Outlook
It is that time of year in this industry when market pundits attempt to forecast what the coming year will bring. They are inevitably wrong. The old saying is “if you are going to forecast, forecast often.”
December Investment Summary
December began with concerns over the Omicron variant and how it would slow growth and exacerbate supply chain issues. The markets wrestled with how governments would respond. The developed world experienced its highest levels of inflation in decades.
November Investment Summary
“The economy is very strong and inflationary pressures are high, and it is therefore appropriate in my view to consider wrapping up the taper of our asset purchases… perhaps a few months sooner” US Federal Reserve Chairman Powell.
October Investment Summary
“Buying the dip” remains the correct strategy as markets rebounded sharply from the September selloff. The S&P 500 rose 7%, while the Nasdaq was up nearly 8%! There was no single reason for the rally.
September Investment Summary
All good things come to an end. The seven-month winning streak for stocks was stopped abruptly in September as the S&P 500 fell just over 4% for the month and the Nasdaq nearly 5%.
August Investment Summary
August was another strong month for developed equity markets. It was in fact the seventh consecutive positive month for the S&P 500 index, up nearly 4% in pound sterling terms for the month.