July 2023 Market Update

Overview

July saw further falls in global inflation and generally positive economic data, leading to positive market sentiment and strong returns overall particularly in riskier asset classes. This was true also in the UK, where inflation came in lower than expected, fuelling gains in both UK equities and UK bonds.

Commodities picked up as the oil price rallied, and certain agricultural commodities rose due to Russia’s cancellation of the Black Sea grain export deal.

Full update below…