July was a mixed month for investors. Overall, global equities were down 0.3% in US dollar terms, but sterling-based investors saw a loss of 1.3% due to the weakness of the US dollar against sterling. Leadership within markets also changed noticeably as investors moved away from some of the high-growth technology and artificial intelligence (AI) companies that had driven returns earlier in the year, favouring lower-valued areas such as energy and financials. Rising oil prices, linked to renewed tensions involving Iran, increased inflation concerns and influenced both equity and bond markets. Better-than-expected company earnings helped support sentiment, despite increased market volatility.
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