Equities ultimately closed August up in all four of the regions we distinguish (US, Europe, Pacific and emerging months) but it wasn’t a smooth ride. The weakness on the equity markets that was already visible in the second half of July resulted in a substantial correction at the start of August. The US S&P500 index lost more than 8% from its
peak in July, while the European STOXX 600 index was down 7% and the Japanese Topix index 24% (in local currency).
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