US Market Commentary – October 2019

  • The seesaw in U.S.-China trade headlines tilted more favorably in October, as the two nations seemed closer to an agreement to roll back tariffs, which led equity markets to rally in response
  • The constructive trade deal headlines came on the backdrop of a strong U.S. corporate earnings seasons
  • The overall economy, however, continued to show signs of slowing down, which led the U.S. Federal Reserve to cut interest rates again in October, the third time this year, to stimulate the economy
  • As the October 31st deadline to implement Brexit neared with no deal in sight, the U.K. was granted an extension to iron out specifics around its exit from the European Union, which markets took favorably. The British Pound appreciated 5% in the month in response
  • Gold posted strong returns in the month and sukuks posted slightly positive returns, all of which led to positive returns across model portfolios for the month

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