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.
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