July was another buoyant month for global stock markets, which were mainly in positive territory. The broad US market, as represented by the S&P 500, is now up over 20% in local currency terms year to date (although, for sterling-based investors, this return was dampened by around 6% due to a resurgence in the pound). The standout market was China, with locally traded A shares up around 6% in sterling terms.
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