The calm before the (potential) storm

The calm before the (potential) storm

Markets and investment update
September 11, 2023


At a glance


How we’re positioned in flagship portfolios


 What we’re watching

Past performance is not a reliable indicator of future returns.


Market Performance  

Cumulative Total Returns 

(Local Currency) 

1W 

1M 

YTD 

1Y 

3Y 

5Y 

Yield 

P/E Ratio 

 STOCK MARKETS 









World Large & Mid Cap 

-1.3%

-1.4%

13.1%

12.0%

25.3%

43.0%

2.3%

16.1

US 

-1.3%

-0.7%

17.3%

12.3%

35.6%

62.6%

1.6%

19.2

Eurozone 

-1.2%

-1.1%

12.5%

18.8%

33.6%

32.6%

3.9%

11.9

UK 

0.3%

0.0%

2.9%

5.8%

37.0%

19.5%

4.6%

10.5

EM 

-1.2%

-2.9%

2.9%

1.9%

-3.1%

12.3%

3.1%

12.1

Japan 

0.4%

2.5%

27.1%

23.0%

55.6%

59.8%

2.5%

15.2

 

 

 

 

 

 

 

 

 

 BOND MARKETS 

 

 

 

 

 

 

 

 

UK Government 

-0.4%

-0.8%

1.7%

-3.4%

-18.2%

-9.7%

3.3%

 

US Treasuries 

0.0%

-0.2%

-4.1%

-7.3%

-31.9%

-19.9%

4.6%

 

Euro Government 

-0.3%

-0.9%

0.0%

-2.0%

-15.2%

0.7%

4.6%

 

Global Corporate 

-0.5%

-1.2%

2.4%

3.2%

-14.1%

1.2%

5.4%

 

Global High Yield 

-0.3%

-0.3%

6.3%

9.0%

-0.6%

10.6%

9.2%

 

EM Sovereign Hard 

-0.6%

-1.3%

3.3%

5.2%

-14.4%

0.7%

8.2%

 

 

 

 

 

 

 

 

 

 

 COMMODITIES (USD) 

 

 

 

 

 

 

 

 

Gold 

-1.1%

-0.3%

5.2%

12.3%

-0.7%

60.3%

 

 

Brent Crude Oil 

2.4%

5.8%

10.4%

12.8%

86.0%

41.5%

 

 

 

 

 

 

 

 

 

 

 

 CURRENCIES 

 

 

 

 

 

 

 

 

GBP EUR 

-0.7%

-2.3%

0.0%

7.0%

-9.2%

-7.4%

 

 

GBP USD 

-0.3%

0.1%

3.2%

1.3%

5.7%

4.2%

 

 

EUR USD 

-1.0%

-2.2%

3.2%

8.4%

-4.0%

-3.5%

 


Data as of 08/09/2023. The Yield and P/E figures for stock markets respectively use 12m forward dividends and earnings divided by the index’s last price. For bond markets, the yield to maturity is used.  

Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material or guarantee the accuracy or completeness of any information herein, nor does Bloomberg make any warranty, express or implied, as to the results to be obtained therefrom, and, to the maximum extent allowed by law, Bloomberg shall not have any liability or responsibility for injury or damages arising in connection therewith Note: Past performance is not a reliable indicator of future returns.

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