Monthly viewpoint

Quarterly markets review

Overview of markets in Q4 2017



  • Global equities capped off a strong year with gains in the fourth quarter. In fixed income, the US Treasury and German Bund yield curves flattened.
  • The S&P 500 made a strong advance in the quarter, buoyed by hopes of tax reform.
  • Eurozone equities declined amid some profit-taking and simmering political risk, although economic data remained positive.
  • The UK’s FTSE All-Share Index saw positive returns, supported by gains for resource stocks and progress on Brexit negotiations.
  • Japanese equities posted gains as the incumbent LDP won the October general election while corporate earnings were strong.
  • Emerging market equities recorded a strong gain in Q4 and outperformed developed markets with political developments supporting gains.
  • US Treasury yields rose over the quarter, and the yield curve flattened, amid growing momentum behind a tax reform bill which is expected to stimulate growth and inflation.



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The information in this market outlook is derived from sources which we consider to be reliable. However, it may not in all cases be verified independently and we do not attest to its completeness or accuracy. No responsibility can be accepted for errors of fact or opinion. Forecasts may be the consensus of extremely divergent possibilities and the full range of potential outcomes should be appreciated. No representation or warranty is made that any value (or proximity to) any value, return or forecast will be achieved. The opinions expressed are those of employees of Schroder & Co. (Asia) Limited, and reflect their judgement at this date and are subject to change. Reliance should not be placed on the views and information in this market outlook when taking individual investment and/or strategic decisions. 

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