Quarterly Outlook
Equity outlook: The high cost of global fragmentation for US portfolios
Charu Chanana
Chief Investment Strategist
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June market performance: The two-lane economy is still going strong
Market Rewind
Søren Otto Simonsen
Senior Investment Editor
On a headline level, global equities returned 1.9%. It was a month with a lot of action in terms of both politics, macroeconomic events, and earnings. It is also clear from the numbers below that the two-lane economy is still a thing, as some areas are performing well, while others are struggling.
Most regions saw positive returns in June, spearheaded by emerging markets and the US, while Europe was struck by, among other things, political worries.
In a month when Nvidia became the largest company in the world, information technology was the strongest performing sector, climbing almost 9% in June. A bumpy ride, as the stock fell late in the month, it still ended the month up more than 7%. Also, Apple and OpenAI made a deal about integrating AI software into Apple products, which may have affected the sector positively and several tech companies posted positive earnings.
Global bond performance was positive overall in a month, where we saw an ECB rate cut, financial key figures all over the page and where politics became an increasing focal point for financial markets.
Check out the rest of this month’s performance figures here:
Sources: Bloomberg and Saxo
*Please note that the sector graph omits the real estate sector this time around. This is because Bloomberg hasn’t posted prices in June for MSCI World Real Estate (MXWO0RL), which has been used as the proxy for that sector.
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. Global commodities are measured using the Bloomberg Commodity Index. Oil is measured using the next consecutive month’s WTI crude oil futures contract (Generic 1st CL Future). Gold is measured using the gold spot dollar price per ounce. The US dollar currency spot is measured using the Dollar Index Spot, measuring it against a weighted basket of the following currencies: EUR, JPY, GBP, CAD, SEK, and CHF. Unless otherwise specified, figures are in local currencies.
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