Equity Markets Perspective
July was an interesting month, to say the least, as developed equity markets produced positive returns while the emerging markets equities dropped significantly. The month began with global macroeconomic concerns including the ongoing debt crisis in Greece but eventually the markets became calm once the Greek government showed that it would back down from its earlier resistance to creditors’ demands. Most developed equity markets then appeared to respond to corporate earnings that were generally better than expected. The emerging markets however, moved significantly in the other direction reacting to concerns in the Chinese economy and markets.