Quarterly Outlook
Equity outlook: The high cost of global fragmentation for US portfolios
Charu Chanana
Chief Investment Strategist
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July market performance: A summer full of action
Market Rewind
Søren Otto Simonsen
Senior Investment Editor
July was an action-packed month for financial markets, with global equities rising 1.7%. The political stage especially demanded attention with e.g. drama revolving around the US presidential election.
Asia led the pack, climbing 1.7%. The US gained 1.1%, fueled by strong corporate earnings, particularly in tech and consumer sectors. Europe matched the US with a 1.1% rise, driven by industrial and financial sector performance. Emerging Markets was slightly down by 0.1%, reflecting geopolitical tensions and mixed economic data.
Real estate was the top performer in July, soaring 6.8%, benefiting from low-interest rates and strong housing demand. Utilities were up 6.5%, while financials and industrials also performed well, climbing 5.7% and 4.6% respectively.
Global Bonds returned 1.93%, while sovereigns returned 1.80% and corporates returned 2.17%.
Sources: Bloomberg and Saxo
Global equities are measured using the MSCI World Index. Equity regions are measured using the S&P 500 (US) and the MSCI indices Europe, AC Asia Pacific, and EM respectively. Equity sectors are measured using the MSCI World/Sector indices, e.g., MSCI World/Energy. Bonds are measured using the USD-hedged Bloomberg Aggregate Total Return indices for total, sovereign, and corporate respectively.
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