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Market Update -October 2015

 

    World Economy and Market Snap Shot

  1. Equities rallied and reversed the losses of September as markets reflected more positively on the global economy which, although weak, does not appear to be entering a recession. The news from China was still negative, but not as bad as feared. Corporate earnings in the US and Europe were also better than expected.
  2. WORLD ECONOMY AND MARKETS SNAPSHOT Equities rallied and reversed the losses of September as markets reflected more positively on the global economy which, although weak, does not appear to be entering a recession. The news from China was still negative, but not as bad as feared. Corporate earnings in the US and Europe were also better than expected. Modest US economic growth was taken as an indication that rises in US interest rates were still likely to be modest and commencing in December at the earliest.
  3. Eurozone growth is rising although US and UK growth figures for the 3rd quarter disappointed.
  4. In Capital Markets, uncertainty about the timing of the first US interest rate rise since the recession of 2008/9 continues to weigh on valuations, and bond yields rose as a US rate hike in December seemed to be the majority view amongst traders.
  5. ECB president, Mario Draghi, indicated that the ECB would look at further monetary easing, if required, at the end of the year. The Bank of Japan has also indicated that it may also do the same. In China, further measures to improve liquidity were taken and interest rates and reserve bank deposit requirements were dropped again.
  6. The Dollar remained strong with the Yen. The Euro weakened, the Pound Sterling improved and the Yen was stable

 

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