- 31 DezVector 2021 Annual Review
- 15 OktQ3 Review
- 17 AugChinese crackdowns
- 22 JulVector 2021 Semi-Annual Review
- 25 JunWhy we still like value
- 25 Mai'Transitory' Inflation
- 22 AprReversal to the mean?
- 17 MärVector's take on sustainable finance
- 09 MärSustainability-related disclosures in the financial services sector (SFDR)
- 19 FebDavid versus Goliath: An analysis of 2020 stock market performance
- 30 DezVector 2020 Annual Review
- 20 NovFactor momentum
- 20 OktHow will the US elections influence your portfolio?
- 25 SepAre better times for quant investing on the horizon?
- 26 AugFama/French going through its biggest drawdown since 1963
- 17 JulVector 2020 Semi-Annual Review
- 25 JunA Look At Post-Corona Market Valuations
- 25 MaiUnprecedented times call for unprecedented measures...
- 23 AprVector's outlook on the Corona Crisis
- 13 MärMarket correction: sense or sentiment?
- 17 FebThe market and sector concentration
- 14 JanNotice to shareholders
- 31 DezVector 2019 Annual Review
- 17 DezFama/French going through its second biggest drawdown since 1963
- 15 NovThe Alpha Lifecycle
- 16 OktVector 2019 Q3 Review
- 10 SepA new prospectus
- 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
- 14 Dez2019 (outrageous) predictions!
- 20 AugTemperatures and stock markets heat up
- 18 JulVector 2018 Semi-annual Review
- 14 JunDo exporters suffer during trade wars?
- 15 MaiStrong earnings put markets on the road to recovery
- 17 AprQ1 Overview
- 13 MärStock Markets: Episode VI: The return of volatility
- 02 MärVector wins Morningstar Germany and Belgium Awards!
- 22 FebVector Flexible wins De Tijd/L'Echo Awards for the third year in a row!
- 16 FebNavigator wins Morningstar France Award!
Market Review: July
14 Aug 2019
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.
Nils, Thierry & Werner