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- 17 FebThe market and sector concentration
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- 31 DezVector 2019 Annual Review
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- 14 AugMarket Review: July
- 10 JulVector 2019 Semi-annual Review
- 14 JunAre factor premia disappearing?
- 21 MaiHow persistent is regional outperformance?
- 12 AprMarket recovery: sense or sentiment?
- 12 MärMarkets solidify recovery
- 12 FebStock Markets Rebound
- 31 DezVector 2018 Annual Review
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- 20 AugTemperatures and stock markets heat up
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- 02 MärVector wins Morningstar Germany and Belgium Awards!
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Market Review: July
14 Aug 2019
Dear Investors,
The MSCI All Countries index gained about 2.6% in July, masking the fact that in local currency most markets had rather muted returns. Returns in the USA (+1.5%), Europe (+0.3%) and Emerging Markets (-0.9%) were much less impressive when denominated in local currency. Clearly, the lion’s share of this return, which was expressed in Euro, came from forex effects, as the USD appreciated significantly against the Euro and most other major currencies.
Perhaps markets had expected more from the Federal Reserve. While the Fed lowered interest rates for the first time in eleven years, Powell also gave clear signals that the cut should not be seen as the start of another lengthy monetary stimulus package. In Europe monetary policy also dominated the news as the Governing Council implied that investors could see more stimulus in the future in the form of further interest rate cuts or asset purchasing programs.
Vector Navigator (+3.0%) and Flexible (+1.1%) performed a little better than their respective benchmarks during the month.
Best regards,
Nils, Thierry & Werner