August market update – best August for global equity markets since 1986

August was another positive month for risk assets, as global equity markets recorded their hottest returns for the month of August since 1986.

In this edition

• Against this backdrop, equity market returns were strong across a number of regions, with fears of a second Covid-19 wave and rising geopolitical risks offset by another weak month for the US dollar and the continuation of accommodative economic policies from central banks and governments around the world.
• At the company level, technology focused companies continued to be the main driver of returns, as Apple became the first US company to reach the US$2 trillion valuation milestone and Tesla shares charged to a new record high.
• The weaker US dollar also supported another solid month for commodity prices, most notably the price of silver, which continued to rally after strong returns in July.

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