Research

Quarterly Capital Markets Review

June 2017

Current Issue: Capital Markets Review
Global risk assets continued to perform well during the second quarter of 2017, with gains broadly supported by strengthening economic data related to global inflation, job growth, and corporate fundamentals. In contrast to prior runups in risk assets, the past quarter was marked by high levels of sector and market factor dispersion...

March 2017

Current Issue: Capital Markets Review
Global risk assets rallied during the first quarter of 2017, driven largely by continued positive expectations for US fiscal policy, as well as continued improvements in global economic growth and inflation, more broadly. Duration sensitive assets, however, traded with less conviction and direction, as sovereign debt yields of developed economies....

December 2016

4th Quarter 2016
The fourth quarter of 2016 was positive for US equities, but generally negative for international developed and emerging market equities. Duration sensitive assets also suffered as the market priced in rising US interest rates and higher inflation expectations. The unexpected result of the United States presidential election produced an initial market shock....

September 2016

3rd Quarter 2016
The third quarter of 2016 was generally positive for risk assets. Global equity and credit markets rallied with both developed and emerging markets adding to gains realized earlier in the year. July was a particularly strong month for equities as volatility sparked by the UK referendum vote in June subsided. Government bond returns were....

June 2016

2nd Quarter 2016
The second quarter of 2016 was characterized by a broad based rally across commodities, a stable US dollar, and a flight to safety on the back of the UKs referendum vote to leave the European Union. The current six month pause in cyclical US dollar strength and the corresponding commodity bounce provided support for emerging market assets....

March 2016

1st Quarter 2016
Negative investor sentiment and economic uncertainty drove sharp declines in equity and commodity markets during the first two months of 2016. However, this trend reversed dramatically in March due to renewed optimism leading to marginal gains from global equities. Global fixed income appreciated as concern over disinflationary pressure...

December 2015

4th Quarter 2015
World equity markets rallied in October following a period of heightened volatility during the prior quarter. Positive price momentum proved to be short lived, however, as most markets gave back a significant portion of early gains by quarter's end. As a whole, 2015 had few bright spots...

September 2015

3rd Quarter 2015
U.S. Dollar strength and weaker than anticipated global demand contributed to broad declines for most risk assets in Q3. Equity markets in emerging market and commodity-sensitive countries suffered the greatest losses, largely in response to weakening economic indicators in China and a subsequent devaluation of the Yuan. Overall, global equity markets suffered declines...

June 2015

2nd Quarter 2015
Market activity in the second quarter of 2015 saw the reversal of several major trends. First, U.S. Dollar strength dissipated to a degree, as it sold off almost 3% relative to other developed currencies. Second, developed market interest rates, which had been trending lower and were negative in some markets, reversed sharply. And third, oil prices, in part helped by weakness...