News & Insights

July sees broad market gains led by tech, despite global uncertainty

Despite continued concerns around trade, geopolitics and economic growth, global equity markets continued to rally in July. The S&P World Index delivered a total return of +1.32% in US dollar terms over the month, led by large-cap technology stocks which gained on the back of positive earnings announcements.

The US dollar recovered, clawing back some of the group lost earlier in the year while gold held up well in the face of dollar strength, ending the month broadly flat. Bond yields ticked a little higher holding back returns for more defensively positioned portfolios.

July is expected to have been a good month for investors with positive returns across the board. Sterling denominated portfolios led the way thanks to a weaker pound, with the ARC Sterling PCI estimated to have gained between 1% and 3% depending on risk profile.