Monthly Market Commentaries

Developed market equities continued to rally in Q4 2021, providing investors with a third consecutive calendar year of positive returns. Investor sentiment was aided by strong corporate earnings growth despite the concern about the spread of the Omicron Covid variant.

Global equities fell in November, with fears over the new “Omicron” variant of Covid-19 weighing on investor sentiment. Bond markets rose with yields falling as investor appetite for riskier assets waned.

Global stock markets mostly gained in October after a weak start. Many registered new highs during the course of the month and were supported by encouraging corporate earnings and an easing of fears around China’s property sector.

Developed market equities were generally unchanged in Q3, with the declines in September erasing gains made earlier in the quarter. Emerging market equities notably under performed amid a sell-off in China.

Global economies continued to reopen in August, with predominantly developed markets lifting restrictions. Economic data was strong, though it appears that most developed markets are either at, or beyond, their peak rates of growth post pandemic.

Despite the uncertainty caused by the Delta variant of Covid-19, the global economic recovery continued in July. Vaccine rollouts are making steady progress and restrictions on activity are being eased further in several major developed countries.