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Monthly Update: August 2017

13 September 2017
Dear Investors, Geopolitical news dominated headlines in August, obscuring positive economic releases that reflect the continuing synchronized global expansion. According to a recent article in the Wall Street Journal, 45 countries tracked by the OECD are all expecting positive growth this year, with 33 economies poised to accelerate from a year ago. That's the most countries in acceleration mode since 2010 and how the central banks react to this acceleration will be one of t...

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 ...