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Article | 25 September 2019 | Investments
This combined with the low stock market trading volumes typical of the holiday month of August, prompted profit taking and shares sold off globally. The UK and Japan were among the worst performing developed markets but those losses were exceeded by the drop in returns from emerging market shares.
Bond markets benefited from investor concerns over the global trade conflict, with safe-haven government bonds and highly rated corporate bonds much sought after. Global government bonds provided the largest returns and UK government bonds continued their rally on the back of growing Brexit uncertainties.
We retained our cautious stance because risks are still out there, particularly as it is hard to forecast the political actions that continue to drive markets.