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Quarterly review for the fourth quarter of 2023

Global equities rose 6.42% in sterling over the final quarter of 2023, taking their rise to 15.88% for the year. Markets finished the year in buoyant mood as investors became increasingly confident that interest rates had reached their peak for this monetary tightening cycle. Some leading indicators imply an economic slowdown is coming in 2024. A soft, as opposed to a hard, landing may, however, lie ahead.

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Quarterly review for the third quarter of 2023

Inflation has fallen from recent highs and central banks have paused their interest rate hikes for now. Investors, however, ended the quarter concerned that rates might have to stay higher for longer to reduce inflation to the leading central banks’ 2% targets. Global equities and global bonds rose 0.73% and 0.43% respectively in sterling over the quarter but the returns would have been negative but for sterling’s weakness against other major currencies.

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Quarterly review for the second quarter of 2023

Global equities rose 3.43% in sterling over the second quarter of 2023, with overseas returns muted by the strength of the pound, which rose 2.82% against the dollar. Equities rose because falling US and eurozone inflation suggested the cyclical rise in interest rates was close to peaking.

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Quarterly review for the first quarter of 2023

5%Global economic prospects improved in January and February because of a rebound in China’s economy following the end of its zero-Covid-19 policy in December 2022 and stronger-than-anticipated demand in the US and eurozone. Over the quarter as a whole, global equities and global bonds rose 4.53% and 0.21% respectively in sterling.

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Quarterly review for the fourth quarter of 2022

The Federal Reserve, European Central Bank (ECB) and Bank of England all tightened monetary policy on two occasions over the final quarter of 2022, with one rise in their official interest rates of three quarters of a percentage point followed by an increase of half a point.

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Quarterly review for the third quarter of 2022

Global equities and global bonds fell 6.71% and 6.94% respectively in dollar terms over the quarter. They did, however, rise 1.49% and 1.24% respectively in sterling as a result of the pound’s 8.08% fall against the dollar, a fall that took its decline to 17.58% since New Year.

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