April Monthly Commentary
Global markets were calmer in April following a volatile first quarter amid easing concerns of a sharp economic slowdown in China and as the Federal Reserve reconfirmed a gradual pace to increasing interest rates. The S&P 500 gained 0.4% while emerging market equities returned 0.5%. Non-US developed equity markets led the way with the MSCI […]
March Monthly Commentary
Following a rocky start to the first quarter, stocks rallied in March as global currencies strengthened versus the dollar amid renewed investor confidence, and commodity prices showed signs of stabilization. Emerging market equities led the charge with the MSCI EM Index returning 13.2%; the S&P 500 gained 6.8%, swinging back to positive territory year-to-date as […]
February Monthly Commentary
Global equities recorded modest losses in February as mixed economic data gave investors pause on the heels of January’s sharp drawdown. The S&P 500 was nearly flat, losing 0.1%, as concerns around slowing global growth trumped positive data on US inflation and an upward revision to fourth quarter GDP. International developed equities lost 1.8%, according […]
January Monthly Commentary
Equities started the year sharply lower as investors shunned risk amid concerns of a global slowdown in growth. The continued weakness in oil prices added to this risk aversion as oil hit a decade low of $26 before ending the month at $33. At home, economic reports were largely underwhelming, including the tepid estimated GDP […]
December Monthly Commentary
Global equities ended 2015 with a whimper as investors stayed on the sidelines while central banks in Europe and the US provided guidance on monetary policy. At home, the Federal Reserve raised rates, putting its target rate from 25-to-50 basis points. The anticipated move was well received by US markets which received a modest mid-month […]
November Monthly Commentary
Global equities were subdued in November amid tempered investor sentiment on the heels of October’s bounce back from third quarter losses. The S&P 500 rose 0.3% as positive economic data not only provided a supportive backdrop, but also increased the likelihood the Federal Reserve will raise rates at its December meeting. As of the end of November, […]
October Monthly Commentary
Global equities roared back in October, mostly erasing September’s losses amid declining volatility and continued monetary accommodation from the major central banks. The S&P 500 gained 8.4% on the month as global easing provided a supportive backdrop for equities, even as expectations of a rate hike in 2015 stand roughly at 50/50 following the Fed’s […]
August Monthly Commentary
August was a difficult month as China’s surprise devaluation of the yuan fueled concerns around global growth and unleashed a wave of volatility, sparing few asset classes. For instance, the MSCI EM Index fell 9% as emerging market equities—especially China’s major trade partners—took a hit. Meanwhile, within developed markets, the S&P 500 dropped 6% and […]
July Monthly Commentary
The Greek debt crisis and a steep sell-off of overheated local equities in China dominated headlines in July. However, it was slowing growth out of China—the world’s second largest economy—that seemed to have the most pervasive impact on markets. Commodity prices experienced a double-dip in July after recovering off first quarter lows with the Bloomberg […]
September Monthly Commentary
Global equities were mostly negative in September as continuing growth concerns in China permeated markets and worried investors and central bankers alike. In the US, the Federal Open Market Committee (FOMC) elected not to raise its target interest rate. As September closed, weak job growth data pushed market expectations of an initial rate increase into […]