A quarterly compilation of BNY Mellon perspectives derived from our unique vantage point at the intersection of markets.
The market may surge in the next few years as AI benefits become clearer and the market prices more of the impact.
July 2024
Global equities held up quite well in June. The All-Country World Index (ACWI) rose 2.3% even amidst heightened political risks — with snap elections being called in France, a loss for the Conservative party being largely baked into market pricing in the UK, and setbacks for President Biden in his first televised debate raising the odds of discontinuity in US policies and regulations. But the run-up in global equities was narrow. It was mainly driven by 1) buoyant tech stocks which fueled the NASDAQ rally (up 6% in June); and 2) by emerging market (EM) equities (+4%) which showed further signs of de-coupling from China. Equities were down on the month in several areas: Europe (-1.4%) led by France (-6%), China (-1.8%) and even US small caps (-0.9%).
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