Following June’s surprise UK referendum result and subsequent market turmoil, developed markets around the world rallied over July with the MSCI World Index gaining 4.1%. Emerging markets performed slightly stronger, finishing up 4.2%. The New Zealand share market was once again one of the strongest performing equity markets, the S&P/NZX 50 Index surging 6.5%. Global bond yields stabilised somewhat over July which followed the bond rally experienced post Brexit.
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