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Market Comment

Market Comment - February 2017

Market Comment

The market rally continued into February with US equities, high yield and emerging markets continuing to power ahead. Treasuries sold off as expectations of a Fed move in March were raised. Markets were again highly focused on...

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Market Comment - January 2017

Market Comment

Investors’ desire for risk continued into the New Year with most major equity markets finishing in positive territory. US Treasury yields and corporate credit spreads did not move much but high yield bond markets...

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Market Comment - December 2016

Market Comment

We ended the year on a surprisingly strong note given the political upsets in the US and the UK, the rising geopolitical risk and the Fed embarking on a trajectory of tighter monetary policy. While markets were dominated...

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Market Comment - November 2016

Market Comment

The long awaited US Presidential election did not fail to surprise. More astonishing however was the market reaction to the Trump victory. Expectations of a significant shift to greater fiscal stimulus via tax cuts and...

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Market Comment - October 2016

Market Comment

Global markets were somewhat quiet during October with equities retracing but remaining well supported.  US treasury yields continued to climb back from the very low levels established over the summer with a 23 basis...

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Market Comment - September 2016

Market Comment

September was uneventful for financial markets with major indices and asset price benchmarks closing the month relatively flat. Beneath the surface however, there was plenty of information to digest; most notably, central bank...

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Market Comment - August 2016

Market Comment

Risk assets continued to be well supported during August, with the S&P achieving all-time highs on a number of occasions and ending the month flat. European markets also ended in positive territory. US treasury yields...

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Market Comment - July 2016

Market Comment

July was a positive month for equity markets as Brexit fears did not materialise and the S&P index achieved all-time highs. Although it may be a little early to establish any definitive trends, no tangible effect on...

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Market Comment - June 2016

Market Comment

The major macro and geopolitical event in June was Brexit. Having dominated markets in previous months, the referendum vote for Britain to leave the European Union was a surprise, having gone against the political polls,...

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Market Comment - May 2016

Market Comment

Financial markets put in a somewhat mixed performance during the month. US equities and most developed markets rallied along with commodities on the back of stronger economic data. However US Treasuries fell on the resultant...

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Market Comment - April 2016

Market Comment

April was a relatively quiet month with the S&P and other major indices finishing close to flat on the month. Interest rates were higher, with ten year US government yields 6 basis points wider. Credit markets were also...

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Market Comment - March 2016

Market Comment

March continued the surprising rebound in risk asset prices which had begun in February. The S&P 500 rose by 6.6% followed closely by credit and high yield markets. Volatility fell significantly although US treasury yields...

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Market Comment - February 2016

Market Comment

By the middle of February the significant selling pressure prevalent from the start of the year reversed and we experienced a strong rally in asset prices. The change in sentiment was partially due to improving US data,...

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Market Comment - January 2016

Market Comment

The year began in a very volatile fashion as markets grappled with global growth concerns, the recent US rate increase, continuing falls in commodities and contagion fears within the banking system. China continued to weigh...

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Market Comment - December 2015

Market Comment

We have experienced another year of rising asset values in many sectors, driven primarily by central bank stimulus. This trend continued in December, with equity markets achieving historical highs at one point during the...

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Market Comment - November 2015

Market Comment

The dominant theme in November was again the impending rate hike in December as markets watched US data to estimate the willingness of the Fed to finally achieve “lift-off”. A decent October employment report at...

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Market Comment - October 2015

Market Comment

Monetary policy was again a significant driver of markets during October. Equities and credit were bolstered by a good run of corporate earnings announcements and some stronger economic data from China. The S&P had a...

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Market Comment – September 2015

Market Comment

The focus on Fed monetary policy intensified further with the long awaited September FOMC meeting. Previous comments by Fed officials plus a gradual improvement in economic data created significant expectation of a rate rise...

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Market Comment – August 2015

Market Comment

August was a turbulent month for most financial markets with high levels of volatility experienced in equities, commodities and currencies. Prices continued to be affected by a China driven growth scare combined with...

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Market Comment – July 2015

Market Comment

During the month, most equities outside of Emerging Markets performed strongly, credit spreads widened and US Treasury yields increased. This was partly driven by the agreement between Greece and its creditors. Expectations of...

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Market Comment – June 2015

Market Comment

June was a difficult month for most markets as we continue into a phase of heightened volatility. The Greece crisis brought new levels of uncertainty as the government continued playing brinkmanship with its creditors and...

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Market Comment - May 2015

Market Comment

Equities experienced modest gains during May, although the S&P managed to hit an all-time high, and there was continued volatility in government bond yields. The markets were primarily driven by US economic data as an...

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Market Comment - April 2015

Market Comment

During April, we experienced a sell-off in government bonds which went against recent trends. The focus of attention as ever was on the Fed’s interpretation of economic data; however it appears the market had previously...

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Market Comment - March 2015

Market Comment

Familiar macroeconomic themes were prevalent in market activity during the month. Investors continued to assess weakening US economic data in terms of its effect on the timing of future rate hikes. The US Federal Reserve...

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Market Comment - February 2015

Market Comment

Markets performed strongly during February as investors continued to benefit from central bank liquidity while continuing to second guess the timing of US rate increases. There was volatility in the longer end of the US yield...

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Market Comment - January 2015

Market Comment

Investors faced a daunting month as deflation fears continued to influence global markets and focused attention on how central banks would respond. In the US, energy prices continued to come under pressure right up to the last...

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Market Comment - December 2014

Market Comment

We have experienced another year of rising asset values in many sectors, driven primarily by central bank stimulus. This trend continued in December, with equity markets achieving historical highs at one point during the...

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Market Comment - November 2014

Market Comment

Yet again we experienced a strong month for equity markets despite increasing concerns about growth, falling commodity prices and the state of the Russian economy. Several equity markets reached record highs and the S&P...

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Market Comment - October 2014

Market Comment

Volatility across most major asset classes rose significantly during the month as developments covering economic data, monetary policy and the Ebola threat drove investor perception. Although equities managed to finish the...

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Market Comment - September 2014

Market Comment

Risk markets continued to retreat overall during September with negative months for US and European equities, US government bonds, most major credit markets and major commodities. Asian equity markets, however, rose during the...

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Market Comment - August 2014

Market Comment

The Fed set the tone for markets yet again in August with Yellen delivering a speech at Jackson Hole that was surprisingly dovish. Given the recent stronger run of data, investors were expecting further indications of early...

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Market Comment - July 2014

Market Comment

The increase in volatility during the month and the sell-off in US and European equities were partly due to a combination of increasing geopolitical risk, concerns over the economic picture in Europe and uncertainty over...

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Market Comment - June 2014

Market Comment

In June, investors persisted in examining the market environment through the prism of monetary policy. Equities benefited from weaker data given the expectation of continued lower rates. The surprising Q1 GDP revision in the...

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Market Comment - May 2014

Market Comment

May was another month of falling volatility and rising asset prices as central banks continued to encourage investors to add risk in the hope that this would add momentum to slowly-improving growth rates. Despite signs of...

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Market Comment - April 2014

Market Comment

April was an uneventful low volatility month as interest rates and credit spreads maintained a steady grind downwards and most equity markets rose. Improving economic data, good corporate earnings and easing of the tensions in...

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Market Comment - March 2014

Market Comment

During March, we witnessed the escalation of tension between Russia and other G8 (now G7) countries over the situation in Ukraine as Russia moved to annex Crimea. On top of the increased geopolitical risk, markets were focused...

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Market Comment - February 2014

Market Comment

Asset prices continued upwards during February following the January sell off. Equities and credit experienced a strong rebound with US Treasury yields staying near to the lows of the year. The bad weather in the US...

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Market Comment - January 2014

Market Comment

January was a more turbulent month for investors with an Emerging Markets led flight to safety pushing US Treasury yields to their lowest levels since last November. The improving economic outlook in the US and the...

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Market Comment - December 2013

Market Comment

December ended on a strong note as equities hit record levels and the S&P index achieved a phenomenal 29.6% annual gain. During December, US Treasury bond yields hit levels not seen since mid-2011 following a 29 basis...

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Market Comment - November 2013

Market Comment

Equity indices continued to move upwards in November while markets were beholden to the Fed and the timing of reductions to its bond purchase programs. Janet Yellen, the incoming Fed chairperson, reaffirmed the...

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Market Comment - October 2013

Market Comment

During October we experienced further strength in financial asset prices and several equity indices continued to achieve prices at recent historical highs. Markets appear to be interpreting news flow and data releases in...

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Market Comment - September 2013

Market Comment

Asset prices continued to move upwards during September due to macro-economic and geopolitical news that contained some surprising and market-positive developments. Fed policy was once again the dominant force as...

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Market Comment - August 2013

Market Comment

The threat of military action in Syria somewhat tempered investor optimism as the stream of improved global growth data continued during the month. The bond markets appeared to have discounted the Fed’s plan to...

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Market Comment - July 2013

Market Comment

US monetary policy continued to dominate global markets as investors sought to predict the Federal Reserve’s potential reaction to a steadily improving economic picture. Since the initial, shocked reaction by...

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Market Comment - June 2013

Market Comment

Global markets continued to be led by the abrupt re-pricing of the US yield curve. Ben Bernanke’s comment to the press following the June 19th FOMC meeting triggered a further sell off in bond and equity markets....

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Market Comment - May 2013

Market Comment

Many equity indices again attained historical peaks as central banks continued in their commitment to aggressive monetary stimulus. The rally dissipated towards the end of the month following intervention by Ben Bernanke...

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Market Comment - April 2013

Market Comment

Despite the sharp falls in commodities, asset prices in general continued to rise in April with many major equity markets approaching record levels. Credit spreads also tightened with strong performances from the weaker...

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