Some noteworthy central bank activity took place over the month – key among them, the US Federal Reserve (Fed) and the Bank of Japan (BoJ).

The equity market upturn continued over the month as the FTSE All-World Total Return USD Index climbed 4.2%, particularly as the semiconductor industry continued to display an unwavering level of resilience.

It was certainly an eventful start to the year as news from China and the US dominated global market headlines during the month.

The year ended on a strong note with the FTSE All-World Total Return USD Index surging 4.8% in December, while the FTSE World Broad Investment-Grade Bond Index climbed 4.2%.

The month of November was characterised by a sharp rebound in asset prices with the FTSE All-World Total Return USD Index surging +9.2% while the FTSE World Broad Investment-Grade Bond Index climbed +5.2%.

Conflict in the Middle East took centre stage over the month as the Palestinian militant group Hamas initiated an attack on Israel in early October.

The Federal Open Market Committee (FOMC) opted to keep the federal funds target range unchanged at 5.25% - 5.5%.

CPI slowed to 3% year-on-year from 4% the previous month and below Bloomberg consensus expectations of 3.1%.

The Federal Open Market Committee unanimously voted to keep the federal funds target range unchanged at 5% - 5.25%,

To address fragilities in the global banking sector, the Fed has increased the frequency of their central bank swap lines with other major central banks.

Financial conditions loosened at one of the fastest paces on record in January.

Global markets rallied in January with the FTSE All-World Total Return USD Index surging 7.1% while the FTSE World Broad Investment-Grade Bond Index climbed 3.4%.

The Federal Open Market Committee (FOMC) raised the federal funds rate by 50 bps to a range of 4.25% - 4.5%.

On the political front, US midterm elections were held over the month with the Republicans procuring the House of Representatives, while the Democrats retained control of the Senate. Moreover, ex-US president, Donald Trump, announced his candidacy for the 2024 elections.

The UK once again dominated headlines over the month with the resignation of the Chancellor of the Exchequer, Kwasi Kwarteng, as well as the Prime Minister, Liz Truss.

The UK took centre stage over the month with the election of the new Prime Minister, Liz Truss. In the first month of her inauguration, a fiscal stimulus plan and energy price caps were announced.

Fed Chair, Jerome Powell, reaffirmed that inflation remains enemy number one at the Jackson Hole Symposium.

Global markets endured their worst monthly sell off since the inception of lockdown restrictions back in March 2020, as the FTSE All-World Total Return USD Index declined 4.8%.

The I class USD Global Growth Fund grew 2.8%, the USD Global Balanced Fund climbed 1.8%, while the Sterling Asset Management Fund climbed 1.2%.

Global markets climbed even higher in August as the FTSE All-World Index rose 2.5% over the month after increasing 0.7% the previous month, as liquidity conditions remain relatively supportive.