Global equities rose 6.15% in sterling over the nal quarter of 2024 and 20.13% over the year. US stocks outperformed over the quarter, rising 9.68% in sterling, with technology stocks leading the way, rising 13.99%, taking their annual gain to 40.77% as investors grew exuberant about the commercial prospects for articial intelligence (AI).
Download this articleGlobal equities and global bonds rose 0.57% and 0.82% respectively in sterling over the third quarter of 2024 as leading western central banks cut interest rates. Federal Reserve easing weakened the dollar, which fell 5.76% against the pound. This contributed to outperformance by equities in Asia excluding Japan and emerging markets, up 4.18% and 2.61% respectively in sterling.
Download this articleGlobal equities rose 2.94% in sterling over the second quarter of 2024 while global bonds fell 1.17% as ination fell towards the major central banks’ 2% targets although elevated service-sector price rises may slow the pace of interest rate cuts. The UK’s Labour Party won a landslide election victory while India’s prime minister, Narendra Modi, won a third term albeit propped up by coalition partners. In France, however, a hung parliament generated political uncertainty.
Download this articleThe Federal Reserve, Bank of England (BoE) and European Central Bank (ECB) kept their policy interest rates on hold during the first quarter of 2024, aiming to ensure that inflation returned sustainably to their 2% targets over the medium term.
Download this articleGlobal equities rose 6.42% in sterling over the final quarter of 2023, taking their rise to 15.88% for the year. Markets finished the year in buoyant mood as investors became increasingly confident that interest rates had reached their peak for this monetary tightening cycle. Some leading indicators imply an economic slowdown is coming in 2024. A soft, as opposed to a hard, landing may, however, lie ahead.
Download this articleInflation has fallen from recent highs and central banks have paused their interest rate hikes for now. Investors, however, ended the quarter concerned that rates might have to stay higher for longer to reduce inflation to the leading central banks’ 2% targets. Global equities and global bonds rose 0.73% and 0.43% respectively in sterling over the quarter but the returns would have been negative but for sterling’s weakness against other major currencies.
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