Quarterly markets review - Q3 2014

Market Views


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  • Global equities delivered negative returns in US dollar terms as geopolitical tensions rose. Unrest in the Middle East weighed on investor sentiment, as did the volatile situation in Ukraine. At the same time, data from Europe and China pointed to faltering economic growth.  
  • The S&P 500 posted a positive return. Macroeconomic data remained supportive with Q2 GDP growth revised upwards. Merger & acquisition activity continued to lift equities.  
  • Eurozone equities were negatively affected by weaker economic data. Worries over the impact of sanctions on Russia and the health of one of Portugal's banks also weighed on sentiment.  
  • Japan registered positive returns, as corporate earnings were generally strong and exporters benefited from the weaker yen.  
  • Emerging markets lagged developed markets. Brazilian equities were weak with sentiment driven by the forthcoming presidential election. Russian shares came under pressure due to the situation in Ukraine and consequent sanctions imposed by the West.    

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Quarterly markets review 5 pages | 172 kb