Christian Jost

“During July, global markets were mainly influenced by decreasing oil prices and a stronger US dollar. While the oil price lost 15 per cent of its value within two weeks, the dollar appreciated more than 2 per cent against the euro. The US government’s announcement of a rescue plan for mortgage firms Fannie Mae and Freddie Mac somewhat revived international markets. Congress supports the plan which allows the government to buy shares of the two companies and raises the limit on government borrowing. Our global asset allocation remained unchanged; only two funds were replaced.”