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LCP Investment Summary - July 2018
Posted on 2 August, 2018 by Administrator
Global equities rose 3.0% (in € terms) during July.
Strong second quarter company earnings in both Europe and the U.S. reassured investors following their concerns on the evolving global trade war during May and June. However Facebook and Netflix both fell sharply after releasing disappointing earnings reports.
Investors were also reassured late in the month following the meeting between President Trump and EU Commission President Juncker which saw both sides agree not to impose further tariffs during ongoing negotiations, which was particularly good news for European car producers who export to the U.S.
Eurozone equities rose 3.6% in July, with North American equities up 3.5% (in € terms).
Longer-dated Eurozone bond prices fell 1.1% in July, with the yield on the AAA Eurozone 15+ Year Index rising to 0.93% by month end. The Euro Broad Sovereign 10+ Year Index fell by 0.6% with its yield rising to 1.70%.
Yields rose over July, partly due to reports that the Bank of Japan was considering scaling back its massive monetary stimulus, and higher than expected inflation at month end. Yields also rose on concern about Greece’s debt sustainability.
Sample DB Scheme
The funding level of our sample DB scheme rose to 98.6%, as its assets rose and its liabilities (calculated using a MFS proxy) fell over the month.
Sample DC Schemes
The High and Medium Risk Strategies rose in July but the Pension Purchase Strategy fell due to its high allocation to longer-dated Eurozone government bonds.
Market Performance to 31 July 2018