September 2024

• Global markets advanced in September as major central banks moved closer to monetary easing and investors grew more confident regarding a soft economic landing.
• Bond yields declined further as inflation continued moderating across several developed economies.
• Technology and artificial intelligence-related sectors remained major market leaders globally.
• The Federal Reserve strongly signalled that interest rate cuts were likely approaching.
• Chinese authorities introduced additional stimulus measures to support economic growth and stabilise property markets.
• Commodity prices delivered mixed performance amid improving financial conditions and moderate global demand.

Asia (ex. Japan)

Asian markets outside Japan advanced during September as expectations for lower global interest rates and additional Chinese stimulus measures improved investor sentiment.

Taiwan and South Korea continued benefiting from strong semiconductor and artificial intelligence demand, while Chinese equities stabilised modestly following targeted policy support announcements.

Europe

European equities delivered positive performance during September as easing inflation and declining bond yields supported investor confidence across financial and consumer sectors.

Markets increasingly anticipated additional European Central Bank interest rate cuts following continued moderation in economic activity and inflation pressures.

United States

U.S. equities reached further highs during September as investors became increasingly confident that the Federal Reserve would soon begin lowering interest rates while avoiding a significant economic slowdown.

Technology and artificial intelligence-related sectors continued driving market performance, supported by resilient earnings expectations and declining Treasury yields.

United Kingdom

UK equities advanced during September as moderating inflation and improving expectations for future Bank of England rate cuts supported investor sentiment.

Economic growth remained modest overall, though improving financial conditions and stabilising consumer activity contributed to a more positive market outlook.

Japan

Japanese equities delivered mixed performance during September as yen strength created some pressure for exporters despite broadly supportive global market conditions.

Investors continued monitoring potential future Bank of Japan policy normalisation while benefiting from strong technology and industrial demand trends.

Emerging Markets

Emerging markets performed positively during September as declining U.S. yields and improving global liquidity expectations encouraged investor inflows.

Asian technology-focused economies remained strong performers, while Chinese stimulus measures provided broader support across emerging Asian markets.

Commodities

Commodity prices delivered mixed results during September. Oil prices remained relatively stable as moderate demand growth balanced ongoing geopolitical and supply concerns.

Industrial metals strengthened modestly following additional Chinese stimulus measures, while gold prices continued reaching new highs amid declining bond yields and expectations for future interest rate cuts.