Monthly Reports 2021

Global equities gained in February, with lowly-valued parts of the market faring well.

It is now just over a year since equity markets bottomed and MSCI world has rallied 79% since then and is 18% above its pre-Covid highs and up 5% year to date.

US equities made solid gains in April. Q1 GDP growth of 6.4% narrowly missed expectations of 6.7%, and the trade deficit widened.

Global equity markets ended mostly higher in May as coronavirus infection rates eased in most developed economies, with the notable exception of Japan.

The second quarter was strong for US equities, and indeed the S&P 500 reached a new all-time high in late June. Almost all sectors made gains over the quarter.

Developed market equities gained in July but emerging markets saw a sharp decline as China announced new regulations for the education sector.

US equities reached new highs again in August. Market worries over the outcome of the Federal Reserve’s annual Jackson Hole symposium.

Developed market shares were flat in Q3. Declines in September erased prior gains. Emerging market equities underperformed amid a sell-off in China.

Global stock markets gained in October, supported by encouraging corporate earnings and an easing of fears around China’s property sector.

Major equity markets ended the month lower on fears that the emergence of the omicron variant of the coronavirus could derail the economic recovery.

Equities finished December on a strong note as both the S&P 500 Index and the Dow Industrials rose over 4%.