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LCP Investment Summary January 2021
Posted on 2 February, 2021 by Administrator
Global equity markets fell 0.1% (in € terms) in January. It was a mixed month for investors with some U.S. indices hitting new record highs over the course of January. Markets were well ahead going into the last week of the month with investors looking to the positives like better-than-expected corporate earnings rather than issues like virus mutations/new strains, more restrictions and problems with vaccine supply/logistics.
However, this all changed in the last week of the month with global markets falling over 3% as these issues came to the fore along with others like the delays and discussions over the U.S. stimulus package and the extraordinary ‘David Vs Goliath’ GameStop showdown between small retail investors and large global Hedge Funds.
Longer-dated Eurozone bond prices fell 1.5% over the month, with the yield on the AAA Eurozone 15+ Year Index rising to -0.19% by month-end. The Euro Broad Sovereign 10+ Year Index fell by 1.3% with a yield at 0.38% at month-end. It was also a mixed month for bond markets with yields rising and falling at different stages depending on the economic, political (Italy) and virus news flow.
Yields rose in the last week of January as investors thought that a rate cut by the ECB was now less likely and Eurozone GDP data was better than expected, particularly in France and Spain.
Sample DC Schemes
Our three sample DC Strategies all fell as most asset classes were down over the month.