The pendulum swung back and forth between fear and optimism

During the last quarter, global developed markets gained a satisfactory 7.6% when measured in Euros – and that currency impact is significant.

The US Dollar gained more than 5% against the Euro, so once we strip out that effect, equity market gains were much more moderate. Global equity markets zig-zagged through the quarter. The pendulum rapidly swung from signs of relief, good corporate earnings and general optimism to fears for an escalating trade conflict and increasing political tensions. 

Read the full Quarterly report - click here.


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