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Quarterly Newsletter - Spring 2014

After last year’s see-saw stock market performance – better than expected results for the developed economies, but worse for emerging markets and commodities, in particular gold – stock markets have proved rather lacklustre in the first quarter of 2014.
In a nutshell: indices like the Dow Jones, S&P 500, FTSE 100 and Eurostoxx 50 have scarcely moved  more than a couple of percentage points in either direction.  Japan, buoyed last year by the Bank of Japan’s huge quantitative easing programme, has had a disappointing first quarter, with the Nikkei Dow registering a negative 9%.  On the other hand, gold miners have seen quite a recovery over the same time: the FTSE Gold Mines index is up 11.3%, and the Gold Mines indices for the regions EMEA and Asia Pacific are up a staggering 27% and 25% respectively.

Lacklustre performances in stock markets usually suggest that not much has been happening ...