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Monthly Update: July 2017

11 August 2017
Dear Investors, Global equity markets were mainly driven by earnings reports in July. The markets have persevered through the noise to continue to paint a picture of a recovering global economy. 73% of the companies in the S&P 500 that have reported earnings and sales numbers for the second quarter, have reported actual EPS above the mean EPS estimate. In aggregate, earnings have exceeded expectations by 6.1%. In the US, the earnings recovery continues to pick up steam despit...

Monthly Update: June 2017

11 July 2017
Dear Investors, Global markets had a lot to digest at the end of the second quarter. Investors received indications that global monetary conditions were on a tightening path. The ECB warned accomodation may be ending, and changed rhetoric on the outlook for ECB interest rates. In the US, the Fed raised interest rates for the third time in 6 months, by 0.25%. Optimism related to fiscal reform in the US has dissipated somewhat, while economic growth and sentiment in Europe have improved. The USD ...

Monthly Update: May 2017

12 June 2017
Dear Investors, Overall, markets continued in a calm fashion in May. There was palpable relief in mainstream Europe as Emmanuel Macron was elected President of France, and after statements that Paris and Berlin urgently want to improve ties. More faith in the EU automatically means more faith in the euro, and this led to the US Dollar and the British Pound both losing 3% against the euro in May. Several equity indexes reached all-time highs again in May, and volatility remai...