In the first six months of 2018, we have seen a sharp increase in market volatility, as compared to 2017. This volatility has developed as investors digested mixed global economic data, higher US interest rates and increasing concerns of a global trade war. At the end of the second quarter, the broad MSCI World Index was flat for the year, with US equities up 3% and international developed stocks down 3%. Emerging market stocks have seen greater volatility (down 8% for the quarter) due to increased sensitivity to global trade and a strong US dollar.
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