This monthly commentary gives a roundup of global markets and trends.
In this edition:
- The global economy continues to show resilience despite rising interest rates, with the service sector holding up.
- Covid-era “excess” household savings and solid labour markets have helped to sustain consumption and growth.
- The service sector may have further to run: US spending on services has only now recovered from pandemic lows, suggesting there is pent-up demand.
- Manufacturing, however, remains weak, though improving economic activity may provide a boost
The value of an investment may go down as well as up and you may get back less than you originally invested.