News & Views

July saw market leadership broaden beyond technology, with UK equities, commodity-linked markets and selected emerging markets delivering strong returns. However, renewed energy-driven inflation pressures kept central banks cautious, while a sharp correction in semiconductor and AI-related stocks weighed on technology-focused markets. Against this mixed backdrop, the Balanced portfolio benchmark returned -0.45% during the month.

Global markets delivered positive returns in June, as continued enthusiasm around artificial intelligence and semiconductor stocks outweighed concerns over rising inflation and restrictive monetary policy. Technology-led gains supported equity markets, while healthcare and biotechnology also performed strongly. However, bond performance dampened overall returns, with the Balanced portfolio benchmark gaining 0.43%. Central banks took differing approaches during the month.

Global markets moved higher in April as improving sentiment around the Middle East and continued strength in technology and semiconductor sectors supported equity returns. However, inflation reaccelerated across major economies due to rising energy prices, prompting central banks to maintain a cautious “higher for longer” stance on interest rates. While growth-oriented equity markets performed strongly, bond markets came under pressure as rising yields weighed on fixed income

Global markets navigated a mixed week as investors balanced resilient UK equity performance against softer US returns and persistent inflation pressures. Fresh US inflation data reinforced the view that price growth remains above target, while central bank commentary signalled a continued data-dependent approach to policy. Meanwhile, shifts in US sustainability regulation and renewed diplomatic developments in the Middle East added further layers to an already complex global