Global equities continued their strong year-to-date performance and were up roughly 4% in August.
Stocks benefited from the continued economic recovery, though certain manufacturing indices appear to have moderated in recent months.
The Fed reiterated its dovish stance, implying that it had no intention of raising interest rates in the near future and will gradually ease its massive asset purchase program according to market conditions.
The UK lifted its last domestic COVID-19 related restrictions in August and manufacturing surveys, as measured by the flash PMIs, show solid economic expansion. Stocks rose in tandem with the recovery and the slight weakening of the Pound vs. USD added to returns during the month.
Though there were no surprise developments during the month, we will continue to keep an eye on the rate of growth across global economies. With economic relief packages behind us and central banks tapering asset purchases in the next 12 months, we’ll get a better sense of the resilience of various economies following the pandemic.