Monthly Reports 2019

ECONOMIC REVIEW – AUGUST 2019

August has been a volatile month for financial markets, with the volatility index (VIX) averaging 19, compared to 13 in July. Global stock markets declined while safe haven assets such as bonds and gold outperformed amid escalating worries over the trade conflict between US and China, emphasizing the overall uncertainty.

ECONOMIC REVIEW – SEPTEMBER 2019

After a difficult summer for financial markets, investors returned from their holidays in a bullish mood and drove equities higher in September, leaving global equities broadly flat for the quarter. The quarter was marked by a continued slowdown in the global economic data, offset by further monetary easing from the US and Europe.

ECONOMIC REVIEW – OCTOBER 2019

Global equities in October saw gains amid several positive catalysts including progress on a US-China trade deal, supportive central banks as well as optimistic corporate results. This favorable environment helped ease concerns of global economic growth slowdown.

ECONOMIC REVIEW – NOVEMBER 2019

Global equities ended November broadly higher. Receding fears of a global recession and signs of progress in US-China trade talks supported the markets and global equities ended November broadly higher, with the exception of emerging markets, which struggled due to a stronger US dollar.

ECONOMIC REVIEW – DECEMBER 2019

Global equities markets enjoyed a Christmas rally for the last month of the year as global trade outlook improved, policies from central banks remained supportive and investors took the view that ultra-low interest rates would remain on hold throughout 2020.