Quarterly Investment Update October 2019

The summer can often see limited activity as far as markets are concerned and although we saw an increase in volatility, most regional equity markets were only marginally positive over the quarter. From an economic perspective there was more to digest as the global growth picture appeared to deteriorate in most regions, whilst the US continued to deliver robust data. The US consumer seemed to offer a resilience to the trade wars which fluctuated in intensity across the quarter. The ‘flip flopping’ of messages from President Trump over the tariff situation has certainly been partly to

blame for the volatility increases we have seen this quarter in both bond and equity markets, but this is not the only cause. Risk assets were particularly turbulent in August as the US announced new tariffs and Chinese authorities allowed the yuan to weaken against the dollar whilst halting US agricultural purchases. Although dialogue was reopened the two sides seem to be quite far apart with a near term deal unlikely.

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