ownload Article<\/a><\/p>\n\n\n\nAn important feature during the quarter was dollar weakness, a reversal of the pattern of the previous six
months. On a trade weighted basis, the dollar fell by 4.8% in Q3, wiping out its earlier 2024 gains, and making
a significant contribution to returns in USD terms from non-US markets. The most extreme mover was the
yen, whose rise of 12%, nearly all of which came in late July\/early August, converted a fall of 4.9% in Japanese
equities in yen terms in Q3 into a 7% gain in USD terms. The euro and sterling also saw significant rises, and
emerging markets currencies, which have undergone a long period of weak performance in the face of the sharp
policy tightening in the US, enjoyed a bounce late in the quarter as the Fed\u2019s rate cut approached, boosted
further by China\u2019s stimulus policies, although still leaving ample recovery potential ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"
It is impossible to predict the outcome of geopolitical events; they can have a material impact on markets, although rarely for very long periods. Our approach is to build broadly diversified
\nportfolios to protect against the risks, and ride out the volatility, while taking opportunities to add to risk assets in the event of sharp sell-off <\/p>\n
\u66f4\u591a<\/a><\/p>\n","protected":false},"author":2,"featured_media":5100,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[46],"tags":[],"class_list":["post-5083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-46"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/posts\/5083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/comments?post=5083"}],"version-history":[{"count":3,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/posts\/5083\/revisions"}],"predecessor-version":[{"id":5107,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/posts\/5083\/revisions\/5107"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/media\/5100"}],"wp:attachment":[{"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/media?parent=5083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/categories?post=5083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bis.hk\/zh-cn\/wp-json\/wp\/v2\/tags?post=5083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\u00a0Monthly Market review \u2013\u00a0D<\/a>ownload Article<\/a><\/p>\n\n\n\n