Monthly Commentary | September 2025 Issue

The S&P 500 reached a new all-time high in August (+1.91%), supported by easing trade tensions, strong corporate earnings, and continued momentum in artificial intelligence (AI) investment. Although softer labour market data unsettled equities early in the month, the Federal Reserve signaled the possibility of an interest rate cut as early as September, which helped restore confidence..

World equities also advanced as geopolitical risks moderated with the MSCI World Index up 1.88% for the month. Japan led gains among developed markets, climbing 4.0% on the back of robust corporate earnings. MSCI Euro and the FTSE 100 had moderate gains reporting +0.21% and +0.6% respectively.