Billy Pain July 2024
June in review
Following a strong May, global equity markets saw mixed returns in June. In the US, the DJIA, S&P 500 and NASDAQ all recorded positive returns of 1.2%, 3.6% and 6.0% respectively and measured in their local currencies. This was driven by a strong earnings season for US technology companies. Whereas in Europe, financial markets responded negatively to the announcement of a snap election in France by French President Emmanel Macron. The Euro STOXX 50, CAC 40 and FTSE 100 all recorded negative returns of -1.7%, -6.2% and -1.0% respectively and measured in their local currencies. In fixed income markets, yields on US, UK and German 10-year bonds declined by 10.2, 14.6 and 16.4 basis points. The European Central Bank (ECB) became the latest developed market central bank to cut interest rates and the Bank of England (BoE) and Federal Reserve (Fed) are both expected to cut rates by the end of the year. The pound was down 0.8% and 1.2% against the US dollar and euro, respectively.
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