News & Updates

The Week gone by - 14th Sept 2015

Date Posted: 15.09.2015

 Global equities (in euro terms) have seen significant volatility in the last month or so on the back of economic growth
concerns in China and the emerging markets.Last week, however, saw some stability return to markets. Investors continue to
focus on the timing of the upcoming US interest rate rise – there is now a 30% chance of lift-off at this Thursday’s FOMC
meeting. Despite recent turmoil, equities remain well valued on a yield basis compared to cash and bonds while price/earnings
multiples have contracted somewhat.


The global index (in euro terms) was up by 0.4% last week giving a total return year-to-date of plus 3.1%. Technically, the
Index remains well below the critical 200-day moving average but is over 5% higher than the recent low on 24th August. All of
the major equity markets were up in local currency terms last week ranging from 0.5% in Europe to 3.2% in Hong Kong.
Returns to the eurozone investor were adversely affected last week by the strength of the euro currency.
Eurozone bond prices were unchanged last week. Bonds have been performing reasonably well recently in reaction to the
Chinese growth worries. Overall, eurozone bonds have given a return of plus 0.4% year-to-date although prices remain welloff
their mid-April peaks. The German 10-year bond yield fell from 0.67% to 0.65% last week; it had hit an all-time-low of
0.06% in April. Equivalent US yields rose from 2.12% to 2.19%. Commodity prices in general were flat (in dollar terms) last
week and remain down by 14.5% so far in 2015.


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