
Billy Pain September 2023
Equities - August in review
Global equity markets faced headwinds in August amid renewed weakness in the Chinese economy and specifically their property market, as well as ongoing inflation concerns and rising interest rates. The S&P 500, NASDAQ, Euro STOXX 50, FTSE 100 and Shenzhen CSI 300 all finished the month down 1.6%, 2.1%, 3.8%, 2.6% and 6.0% respectively, measured in their local currencies. The Bank of England and European Central Bank continued with their hawkish stance by increasing rates by another 25 basis points with the market expecting that the Federal Reserve could deliver another rate hike before year-end. The Credit Rating agency, Fitch also downgraded the US Government’s credit rating from AAA to AA+. Yields on US and UK 10-year bonds rose by 15 and 5 basis points respectively, whereas the yield on German 10-year bonds fell by 3 basis points. Brent Crude oil rose by 2.7% despite growth risks in China. The pound fell by 1.5% against the US dollar and was flat against the euro.
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