What happened in the markets?
- An increase in geopolitical tensions surrounding North Korea, terror attacks in Spain, extreme weather conditions and further domestic pressures on the Trump administration collectively woke up global investors and increased market volatility
- UK gilts and gold were the notable benefactors from this backdrop. However, this was not the full story for markets in August, as a flurry of upbeat macro data releases suggested that global growth remains on a firm footing and the lack of inflationary pressures on global Central banks supported a positive end to the month for global equity markets
- Emerging market equities and industrial metals were notably strong, while in currency markets, the euro continued to strengthen and ended the month at its highest level against sterling since 2009
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