Highlights and Lowlights - August 2019
August was a month that saw tensions surrounding long-running issues rise to new levels. Whilst none of Donald Trump’s trade war with China, Brexit or Italy’s political travails resolved themselves in any meaningful way, they did show signs of coming to a crescendo. However, with there having been several occasions recently when the promise of a solution has proven a false dawn, it would be a brave person that would act on the possibility of any of them finding one. In response to such escalations, equity markets fell across the globe. By contrast, Fixed Interest performed well, as the yield on 30-year US Treasuries fell below 2% for the first time and the amount of negative-yielding debt headed towards $20 trillion, whilst safe-haven assets such as gold and the Japanese yen rose.