September Monthly Market Review

An excerpt from our September Monthly Market Review: The Fed’s 50-basis point rate cut, and a broad-ranging stimulus package announced by China helped send global equity markets higher in September, extending already strong gains. The S&P 500 index closed the month at a record high, buoyed by solid corporate earnings, resilient economic growth, easing price pressures, and expectations for more Fed cuts to come. Chinese equities, which had been lagging other markets, spiked 23% in September, making China the best performing equity market so far this year. Moderating inflation supported advances across sovereign bond markets. The U.S. Treasury yield curve is no longer inverted between 2- and 10-year maturities but remains inverted at the short end. Credit markets benefited from the falling yield environment, but lagged sovereigns. Oil prices plunged in September, despite an increasingly volatile Middle East. Gold prices jumped 10% to another record high. The U.S. dollar index fell.   

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