Persistence of inflation adds to challenging backdrop
Overall, the third quarter of 2023 saw global equity markets decline. Inflationary pressures across major developed economies added more impetus to central bankers’ ‘higher for longer’ narrative. China, Japan and Europe stock markets were also pulled lower over the quarter. However, the UK market was up circa 2% due to its defensive characteristics, commodities bias and the unexpected decision by the Bank of England to keep interest rates on hold in September. Read more in our quarterly investment update.
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