Monthly markets review - July 2015
- Developed market equities registered positive returns in July as diminished concerns over Greece allowed markets to recover from their June declines. Oil prices fell over the month.
- US equities were buoyed by stronger data including Q2 GDP growth which accelerated to a 2.3% annual rate. The Federal Reserve (Fed) left the door open for a possible September rate rise.
- The eurozone outperformed other regions as a bailout deal was reached for Greece and data indicated that the single currency area’s economic recovery was continuing.
- UK equities were supported by good results for a number of large caps as well as ongoing merger & acquisition activity.
- Emerging markets registered negative returns with currency weakness exerting downward pressure. Latin America was the weakest region as Brazil cut fiscal targets for 2015 and 2016. Volatility remained elevated in China.
- In fixed income, government bond yields fell across the board on worries over the slowdown in China.
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