I am pleased to attach our Global Market Bulletin for September.

September is often a tough month for the equity markets, and it has been presaged by a tough one in August.  However, we are still in a soft spot for equity investment, and the last five years of equity recovery set against 15 prior years of bond euphoria is only the beginning.  The combination of low rates and low inflation is great encouragement for entrepreneurial spirit which is, to borrow from Castrol, liquid engineering for growth.

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