Market Update - July 2019

FROM THE GLOBAL CIO OFFICE - By Candice Bangsund, Vice President and Portfolio Manager, Global Asset Allocation

In June, financial markets thrived on the string of dovish rhetoric from central banks including the likes of the Federal Reserve, the European Central Bank, and the Bank of Japan – while thawing US-China trade tensions also lent support ahead of the highly-anticipated meeting between President’s Trump and Xi. In the end, the gathering between the two superpowers proved successful in producing a framework for the resumption of trade talks, but fell short of reaching an all-encompassing deal. The details were fairly scarce, though Trump agreed to defer any new tariffs “for the time being” and lifted some restrictions on Huawei Technologies, while Chinese officials agreed to the purchase more US agricultural products.