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Positive economic data helped offset geopolitical tensions as global equities finished the month with little change
A flurry of positive economic data from across the globe boosted markets in the final trading session of the month, bringing the S&P 500 Index back into positive territory after a volatile August. Aided by the strongest consumer spending growth in over a year, U.S. GDP growth was revised up to 3% in the second quarter, the highest quarterly growth of the economy in over two years.
U.S. Federal Reserve members were in agreement to shrink the central bank’s treasury and mortgage-backed securities holdings. However, slower than expected inflation growth is substantiating questions of whether the Fed will stick to raising interest rates in the final quarter. For the month, the S&P 500 Index finished +0.3%, and now sits +11.9% YTD.
Across the globe, the All Country World Index ex-U.S. (ACWI ex-U.S.) inched slightly higher in the month of August, keeping with its strong positive trend and bringing the YTD return to +18.9%. Expectations for the latter half of the year remain optimistic for global markets, particularly in the Eurozone where consumer sentiment hit a 10-year high in August.