Fourth successive month sees global equities continuing to rally
Global equity markets continued to rally in July for the fourth successive month as equities benefited from an asset allocation shift as bonds sold off. The stock market was also supported by earnings reports that were generally in line or modestly higher than expectations and modestly firmer economic data. Bonds had a vicious sell off in July. The global bond index was down 3% on the month, with the US and UK bond markets down over 4.5%. Treasury yields backed up over 100 bps in one month! Several factors combined to hit the bond market. First, there was a modest improvement in economic ...
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