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Summer Newsletter

Please find below a copy of our annual newsletter, which we hope you will find of interest:


Should you have any queries or require more information on any of the articles or any other financial matter, please do not hesitate to contact us on 01772 825755.

Market Review – March/April 2019

It was apparent at the end of Q1 that there had been a major recovery in asset markets after the challenges of the final quarter of 2018.


  • Global equity markets saw their largest quarterly gains since 2010.
  • Hopes for progress in US-China trade talks and optimism around US interest rates bolstered returns.
  • Markets climbed despite concerns over the health of the global economy.


  • The UK equity market provided a positive return during March, which continued the upward trend following the first two months of the year.
  • Brexit continued to dominate headlines as we approached the UK’s original exit date of 29 March 2019.
  • The Chancellor’s Spring statement highlighted the UK’s “robust” economy despite political uncertainty.


  • By the end of March, the US equity market capped the best quarter since 2009.
  • Hopes for a trade deal between the world’s two largest economies drove the US equity market higher.
  • Optimism around the Fed’s decision not to raise interest rates this year provided a further boost to markets.


  • European equity markets rallied for the third consecutive month.
  • Eurozone Composite PMI (Purchasing Managers Index – which measures the productivity and therefore health of the economy) for March dropped, raising doubts of a recovery.
  • Germany’s 10-year Bund yield fell below 0% for the first time since 2016


  • Asian equity markets ended March higher on US-China trade talks.
  • Indian equities enjoy a pre-election rally, reversing earlier performance.
  • China continued positive momentum on trade, improving the macroeconomic outlook.

Emerging Markets

  • Asia, led by India, drove performance in emerging markets.
  • Turkey was the weakest performer due to political concerns ahead of the local elections.
  • Brazil was held back by weak economic activity data.

Fixed Interest

  • Corporate bonds delivered another month of strong performance.
  • The European Central Bank announced measures designed to stimulate the eurozone economy.
  • The US Federal Reserve and European Central Bank continued their pivot toward more accommodative policy to encourage economic growth.

Market Review – January/February 2019 (Part 3)


  • Asian equity markets reversed year-end declines to close January higher despite lower 2019 corporate earnings forecasts.
  • China and Korea shrugged off trade concerns to lead performance in the region, with ASEAN markets including Thailand, the Philippines, and Indonesia also posting strong returns.
  • January saw China emerge as the best performing market in the region on the back of easing trade tensions and indications from the central government of plans to stimulate the economy further.
  • India was the worst performer over January, with autos, auto parts, machinery and equipment, cement and steel particularly affected.

Emerging Markets

  • Global emerging equity markets enjoyed a strong start to the year with all regions registering gains. Latin America led the advance, followed by EMEA (Europe, Middle East and Africa).
  • The US dollar lost ground against a basket of emerging market currencies as the US Federal Reserve put
  • further US interest rate rises on hold and signalled flexibility on running down its balance sheet (decreasing the money supply – quantitative tightening).
  • Brazil was the best performing equity market in Latin America, driven higher by favourable economic and political developments.