Asset Allocation Outlook
September briefly looked as if this year it was going to live up to its reputation as a poor month for the markets. US and European equities fell by about 4% in the first trading days of the month. As in August, the reason was disappointing data on the US job market and the ISM index for industry, plus worse-than-expected results from the tech sector. Yet US equities in fact closed the month up slightly, while European equities ultimately remained almost unchanged. US growth has stayed at the same level, the Fed cut interest rates by more than anticipated and at the end of the month the Chinese government announced a series of economic stimuli. The latter drove Chinese equities up by 17%.
Please see Van Lanschot Kempen’s Asset Allocation Outlook for October. The highlights this month are:
- Fed off to an aggressive start to interest rate cuts, slower pace to follow
- Increasingly likely that ECB will cut interest rates in October
- Chinese economic stimuli not enough
Disclaimer
The information in this publication is of a general nature. This publication may at no time be viewed as an offer and you cannot derive any rights from this publication. The external sources used to produce this publication were selected with the great care. We cannot guarantee that the information and data from these sources is up-to-date, correct and exhaustive. We accept no liability for printing and typing errors. We are not obliged to update or amend the contents in this publication. All rights related to the content of this publication are reserved, including the right to amend.
Es gibt einen Spruch auf Niederländisch, Kom verder, das viele Dinge bedeutet und unsere Geschäftsphilosophie darstellt. Er erfasst die Art und Weise, wie wir mit unseren Kunden arbeiten, aber auch wie wir unsere Beteiligungsunternehmen lenken, um Aktionärswert durch aktive Beteiligung zu schaffen.
Risikokapital. Der Wert von Anlagen und die daraus erzielten Erträge können sowohl steigen als auch fallen. Die Anleger erhalten möglicherweise nicht den ursprünglich investierten Betrag zurück. Die in der Vergangenheit erzielte Performance ist keine Garantie für die Zukunft.