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Wednesday 17 July 2019
After its correction in May, the MSCI World ACWI – the barometer of global equities – rallied sharply in June and this rally was broad-based.
After the shock raised by the break-off of tariff negotiations between China and the US in early May, the renewed confidence in June was driven by two factors:
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Revisiting fixed income opportunities after the European institution appointments
Financial markets have been enjoying a record-breaking run of late.
The journey from market complacency to awareness of fragilities is in full swing, and the market correction in May is part of that, as is the recent recovery fuelled by dovish Central Banks (CB). Aware investors should recognise that the late cycle phase and mature market trends require improving fundamentals and positive political events to deliver sustainable uptrends in risk assets. But, it is difficult to see such improvements happening in the short term.