Market Commentary July 2023

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After the success of June, July followed in a similar vein with all equity regions returning positive results, although weaker than last month. Unlike previous periods, emerging markets had a successful month and outperformed developed markets; market sentiment drove risky equities higher and small-cap stocks achieved a return of 4.9%. 

After the Federal Reserve (FED) paused its rate hike regime last month, in July they increased interest rates by 0.25%, and the European Central Bank (ECB) and Bank of England (BoE) also followed with the same increases. 

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