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29 Jan 2018


We summarise the market movements for the latest quarter.



Global equity markets advanced, posting stellar results for the year – emerging markets (+37.8%) outperformed developed markets (+22.4%)


The US 10-year treasury yield rose, but traded at levels too low for this stage of an economic expansion – the spread between short and long dated yields has narrowed abnormally given growth prospects and interest and inflation rate expectations


The US dollar resumed its weakening trajectory of the first half of the year – after a brief rebound early in the quarter


Hard commodity prices, barometers of global growth, rose, with iron ore, copper and oil price gains underpinning robust global demand – precious metals prices gained on modest US dollar weakness


World growth accelerated, led by the US which recorded Q3 2017 GDP growth of 3% – the Eurozone continued to grow from a low base and China’s expansion accelerated as fixed capital formation was boosted


Developed market monetary policy expansion stabilised as the Fed raised interest rates and the BoE reversed the emergency Brexit cut in response to rising inflation – while the ECB has indicated it could soon start tapering financial asset purchases



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