Head of International Portfolio Management, Shaun McDade looks back over an eventful 3rd quarter and discusses how the array of macro events affected markets.
Macro events over the quarter – 00:16
- Interest rate cuts
- Devaluation of the Yuan
- Saudi oil disruption
- Liquidity issues in US money markets
Impact of these events on markets – 09:39
- Bond market strengthened
- Equity market held up well
- Commodities were weak (with the exception of Gold)
Outlook and portfolio positioning – 11:11
- Conflicting signals from Sovereign debt versus equity & credit markets
Brexit – 15:29
- The uncertainty continues
- UK market is cheap relative to US and EU
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