Quarterly markets review - Q4 2015

An overview of markets in Q4 2015, when global equities posted positive returns and the Federal Reserve finally raised interest rates.


Market Views


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  • Global equities delivered positive returns for the fourth quarter despite generally poor performance in December. Government bond markets broadly reflected the policy trajectories of the world’s major central banks.
  • US equities gained over the quarter. The Federal Reserve increased its main policy rate in December following strong domestic macroeconomic data.
  • Eurozone equities posted positive returns overall, buoyed by hopes for further quantitative easing. However, the eventual announcement disappointed investors and weighed on returns in December.
  • Japan was the best performing equity market over the quarter. A sharp rebound in October was driven by a recovery in cyclical sectors.
  • Emerging market equities underperformed their developed world counterparts. The Chinese equity market posted a solid gain as the central bank provided further support to the economy. Economic data in Brazil continued to deteriorate.

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