Growing concerns about the global economy, specifically disappointing economic data in China and the likelihood of US interest rates remaining higher for longer, led to major global markets declining in August, with the MSCI down 2.3%. In the US, the Nasdaq Composite Index (-2.2%) recorded its worst monthly performance of 2023, and the S&P 500 (-1.8%) and the Dow Jones (-2.4%) also recorded losses during the month.
Despite positive inflation data in the UK, the FTSE 100 declined by 3.4% in August. On the local front, the All Share Index declined by 5.1% in August, with Resources (-10.3%), Industrials (-5.1%) and Financials (-2.0%) all recording losses.
Read more in the latest Prosperity by Private Clients, which also provides a useful summary of the recent BRICS summit. We also give an update on developments within some of the companies held in our model portfolios.