A good month for US and UK equities, but not so good in continental Europe. The driving force was an expectation of monetary easing in the second half of 2019. In the US, this drove markets to new highs, with the S&P 500 up 1.3 per cent and ending the month up 16.7 per cent this year. In continental Europe, where economic growth is sluggish and there are concerns about the impact of a no-deal Brexit, the DAX was down -1.7 per cent and the CAC 40 down -0.4 per cent.
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