Global Markets Insights: July 2023

July was a good month for investors as the mood was buoyed by positive developments on both the inflation and profit front as well as increased stimulus hopes in China. Commodities, property, equities and bonds all advanced during July, with the notable exception of the Nikkei 225 equity index in Japan. Japanese shares had been strong in previous months and the decision by the Bank of Japan to reduce the control it has over bond yields gave investors an excuse to pause buying.