Perspectives Global Equities

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Economic and market comments

Global equities posted sharp declines in the final quarter of the year, falling by 13.3% in US dollar terms as measured by the MSCI World index. Market sentiment was affected by a number of concerns, ranging from the speed of interest rate rises in a context of slowing global economic growth, to the ongoing trade dispute between the US and China. US equities came under significant pressure, further rattled by political turmoil in Washington including the US government shutdown. European markets also struggled, the general themes above being compounded by Brexit uncertainties and tensions around Italy’s budget. Asian markets were dragged lower by trade tensions and underwhelming economic data releases. Japanese stocks collapsed in December and the Yen safe haven appeal pushed the currency to an eight month high against the US$.