Union budget & growth pangs spur treasuries, jar equities and credit markets, but leave currency unruffled
Global equities crept slightly higher in July
Anheuser-Busch, AstraZeneca, BAE Systems and Philip-Morris all had impressive earnings and performed well. Pfizer and Johnson & Johnson were the two main disappointments.
A significant proportion of the holdings reported better than anticipated quarterly results and a new position was added in Unilever.
Chinese equity markets generally went sidewards, with the MSCI China Index finishing the month slightly lower and little commentary on trade tensions.
Global equity markets recovered all of the May losses in rebounding from its first negative month.
Equity markets bounced back in June following May’s sell off
China increase tariffs on a number of US products being sent to China
Increasing growth concerns in global and domestic markets dictate performance across asset classes