Based on our long-standing views of the financial benefits of sustainability, we integrate some level of ESG (Environmental, Social, and Governance) factor analysis across all our investment processes, and particularly for our sustainable investment strategies.

US president Joe Biden will address the US nation as he is not seeking reelection and is officially endorsing VP Kamala Harris. While it will carry weight with delegates at the Democratic convention, it is not binding.

The MSCI World (developed countries index) hit an all-time high in mid-July, following an almost uninterrupted 33% rise since its low point at the end of October 2023. Only a correction of around 5% in April 2024 enabled some reactive investors to jump on the bandwagon if they hadn't done so since the last quarter of last year.

June was marked by a significant uptick in political uncertainty both in the US and the EU. European parliamentary elections saw right-wing parties gain increased prominence, particularly in France where the strength of their victory led President Macron to call surprise legislative elections.

After focusing on the elections in France and the UK, investors’ attention is rapidly shifting towards the United States. The first presidential debate has increased the likelihood of a second Donald Trump presidency, implying a potential risk of higher inflation in 2025.

Global equity markets reached a new all-time high in June, driven once again by the impressive performance of Technology in the US.

The month of June was relatively noisy for markets, especially in Europe where geopolitical risk remains one of investors’ primary areas for concern. In the US, the latest macroeconomic data continues to indicate that the Fed might succeed in piloting the economy to a soft landing.

In the UK, the King's Speech will introduce legislation for independent fiscal forecasts, reinforcing the Labour party's commitment to fiscal discipline, which should whet investors’ appetite. The Republican National Convention begins in Milwaukee, where Donald Trump is set to announce his vice-presidential pick.