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June 2024 market review: International
The risk-on soft-landing narrative dominated US markets in June. Read the latest international market review.
Global market performance:
The risk-on soft-landing narrative dominated US markets in June. US equities continued their tech-led gains while lower yields sent Treasuries higher. The S&P 500 rallied by 3.6% with the MSCI EM outperforming MSCI World markets in June, delivering a 4.0% return versus 2.1% for MSCI World. The price of Brent Crude Oil was 5.9% higher while Cocoa (-17.1%) was one of the worst performing commodities in the month. The rand appreciated by 3.1% against the US dollar, becoming the best performing global currency for the month of June. After depreciating against the dollar by 3.4% in Q1 2024, the rand appreciated by 3.7% during Q2 2024, to end relatively flattish against the dollar for the first half of 2024.
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