What happened in the markets?
US equities shook off extreme weather conditions and geopolitical tensions, while a weaker euro helped European equities deliver solid returns over the month.
- UK equities were the laggards over the month as sterling strengthened on the prospect of higher rates. This was despite solid returns from the oil & gas sector, linked to higher commodity prices
- Hawkish Central bank comments and the improved probability of Trump delivering a tax package of some sort drove core government bond yields up from their lows at the start of September, which resulted in weaker returns in fixed income markets
- The re-emergence of the reflation trade later in the month was also visible in the sector returns, with financials and energy generally outperforming, while precious metals prices were weaker
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This article was previously published on Tilney prior to the launch of Evelyn Partners.