Global equity markets posted good returns in the second quarter, with a gain of 5.1% for the MSCI World Index (MSCI World) and 6.7% for the MSCI Emerging Markets Index (MSCI EM).
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International outlook
Given that 2013 was a strongly positive year for most equity oriented portfolios, it is tempting to conclude that it was a rewarding year for all ‘risk assets’. But this would be a wholly incorrect deduction. The past twelve months in investment markets have been more subtle than that. The fact that developed equity markets – using the US S&P Index as a proxy – rose by 32.4% in 2013, belies the fact that most asset classes actually fell!
The canary in the coal mine
An outlook to what the South African economy could possibly experince.
