September Monthly Market Review

An excerpt from our September Monthly Market Review:

Global advanced and emerging equity markets posted solid returns in September and are up strongly so far this year. The gains have been broad based across the U.S., Europe, and Japan, as well as emerging markets in Asia, Europe, and Latin America. AI ascendancy is everywhere apparent. Although it is not the only force driving equity markets higher, AI is a dominant factor. AI-related investments are also contributing importantly to economic growth. U.S. and Chinese equities have especially benefitted from the AI frenzy, but the tech sector is a prominent driver of returns across many non-U.S. advanced and emerging equity markets. The U.S. equity market has also been emboldened by the prospect of further Fed rate cuts and continued fiscal stimulus, notwithstanding mounting government debt, continued high levels of policy uncertainty, and a government shutdown. These concerns have, however, weighed on the U.S. dollar, which has depreciated this year against most major currencies, while gold has soared.

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