Global equity markets moved modestly higher in July, largely driven by US technology stocks. Major US indices touched fresh highs in the second half of the month but markets pulled back after the Fed indicated that the precautionary rate cut wasn’t necessarily the start of an easing cycle.
Dovish statements from the ECB and PBoC, along with lower benchmark rates in Australia and in some emerging markets, eased financial conditions. However, re-emerging trade tensions and sluggish economic growth outside of the US weighed on market sentiment.
Mercer's Monthly Market Monitor provides an overview of global financial markets.
In this issue we cover:
- Trade and Geopolitical Tensions Weigh on Growth
- Stimulus Helps to Offset Macroeconomic Risks
- Negative Yielding Bonds Pass the $14 Trillion Mark
- Greenback and Gold Strengthen
- Market Update
Negative Yielding Bonds