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Equity market monthly review

• Global equities have swiftly recovered most of their 2018 losses, with the MSCI All Country World Index up 8% year to date.
• Of those S&P 500 companies that have reported earnings, 72% have beat earnings expectations posting aggregate growth of 14%. The sharp repricing of 2019 Fed rate hike expectations fuelled a risk rally.
• The asset class still appears attractively valued on an absolute basis and also relative to sovereign bond and credit markets by historical standards