Economic Views

Monthly markets review - August 2015

A review of markets in August 2015, when worries over a Chinese economic slowdown sparked significant volatility.


  • Global equities experienced sharp declines in August as worries over slowing Chinese growth sparked significant volatility across markets.
  • In the US, the S&P 500 fell by 6.0% with the decline led by some of the year’s hitherto best performers. The sell-off came despite continued strong macroeconomic data, most notably for the US consumer.
  • Eurozone and UK equities also delivered negative returns. Amid the global growth worries, declining energy and metals prices weighed on the resources sectors.
  • Emerging markets also registered steep negative returns, underperforming their developed market counterparts amid the volatility in China and ongoing economic weakness in Brazil.
  • In fixed income markets gilt, Treasury and Bund yields rose over the month. Riskier fixed income assets, such as high yield bonds, underperformed.

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