News this past week
- Global equities fall despite a late week rally
- “Brexit” polls suggest that the Remain camp has regained momentum
- Central banks keep rates on hold, as bond yields reach historic lows
- Greece attains additional bailout funding
- Gold price rises amid broad commodity losses
James Klempster, CFA of Momentum Global Investment Management shares his view:
Despite concerns over growth, US interest rate policy, a UK referendum and an impending US presidential election the global market is essentially flat in US dollar terms year to date. When it comes to market returns, the devil is in the detail, however. For example, of the major markets, only the US is in positive territory in local currency. Europe ex UK is down close to 9% with Japan’s year to date falls more than double at circa 19%. The Pacific ex Japan markets have fared better with a return of -1.8% and, interestingly, the UK’s market fall of -1.2% year to date is proving to be closest to the return of 2.2% for the US.