Monthly Commentary | August 2025 Issue

World equities gained ground in July for the third consecutive month, supported by investor optimism over generally strong corporate earnings and data showing continued resilience in global economies—despite ongoing uncertainty surrounding the impact of tariffs. The S&P 500 hit a record high, gaining 2.17% by the end of the month. The FTSE 100 Index was the top performer, rising 4.24%, while the Eurostoxx 50 Index ended the month flat..