Global growth continues to run neither too hot nor too cold. The September quarter commenced with drama as equity and currency markets struggled to come to terms with the surprise ‘Brexit’ referendum result in the final week of June. However, major central banks went on the front foot to reassure markets in strong terms that the financial system has ample emergency liquidity to draw on, and that all necessary stabilizers could and would be applied. The market rapidly drew the conclusion that developed country interest rates would stay on hold for the foreseeable future.
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