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Monthly Update: March 2017

17 April 2017
Dear Investors, The start of 2017 brought "more of the same" for global equity investors, as the stock market rally since Trump's victory continued. Investors are responding to evidence of a synchronized recovery in global economic activity, sending the MSCI World (in euro) 4.5% higher in the first quarter. Business- and consumer confidence is high (and rising) on both sides of the Atlantic and the recent European earnings season (Q1) has confirmed the optimistic outlook for European m...

Monthly Update: February 2017

13 March 2017
Dear Investors, February gave us another month of rising equity prices, with all major markets in positive territory year to date. Growth-oriented sectors Technology and Health Care led the way, whilst Oil & Gas stocks weakened. Evidence that the economy is improving is gradually accumulating. The Eurozone Economic Sentiment Indicator is at its highest level since early 2011; the number of building permits in the Eurozone is climbing fast, and German exports hit a new record high ...

Monthly Update: January 2017

10 February 2017
Dear Investors, When Donald Trump won the presidential election, investors seemed positively giddy about his plans for the US economy. Believing his promises to reduce corporate taxes, curtail costly regulation and increase public infrastructure-spending would boost economic growth, investors drove stock indexes to new all-time highs. Most famously, the 120-year-old Dow Jones Index broke through the psychological 20,000 point milestone. But Trumps seemingly improvised presidency and m...