By Ian M. Riach
The disparate performance among global equity markets that began with 2018 continued into the third quarter. As the US market posted robust gains, other markets declined moderately. In our view, this diverging market performance reflects the desynchronization of global economic growth. For instance, the United States has benefited from strong consumer demand and accommodative fiscal policy, most notably the recent tax cuts. At the same time, other regions have experienced paltry growth. Given the effects of trade disputes and other geopolitical issues, several forecasters have revised their global economic growth projections downwards for the coming years. So with the US economy leading the developed world in terms of growth, and US companies exhibiting high earnings growth, US equity markets continued to move forward while others trailed.
Ian Riach, Chief Investment Officer
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