Quarterly Investment Update July 2019

The key economic influence over the quarter has continued to be the trade battles between the US and China, and to a lesser extent Europe, which has increased the downside risks for investors hoping for a continued recovery in global growth data. Added to this, macro-economic policy has shifted from a likely increase in rates in the US at the beginning of the year, to almost no move expected at the beginning of May, to the pricing-in of 75 basis points of reductions by the end of 2019. At the US Federal Reserve’s (Fed) June rate setting meeting seven of the committee indicated that they expected a rate cut by the end of 2020.

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