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Monthly financial markets outlook | August 2023

2023 continued on a positive trajectory as markets delivered bumper returns in July. The global soft-landing narrative gained momentum, supported by robust GDP data from the USA and China. The market is more optimistic about the central banks’ abilities to rein in inflation without breaking the economy. While central banks maintained a hawkish stance during their recent meetings, investors found reassurance in the declining inflation rates.

The improved sentiment, coupled with better-than-feared US companies’ earnings reports, bolstered risk assets and led to strong performances in equities, high yield credit, and property markets. In the US, the equity rally expanded beyond the previously leading sectors to encompass segments that had lagged during the first half of the year. However, yields were mixed as investors reevaluated the potential timelines for pivotal decisions by central banks.

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