The trust factor

Equity markets had a good September. Germany led the way, with the DAX up 6.4 per cent despite Angela Merkel doing less well than expected in the federal election. Russia gained 3.7 per cent, helped no doubt by a resurgent oil price. Brent crude was up 7.5 per cent, finishing the month just above January’s high and at the highest level in over two years. It will be interesting to see if it breaks out decisively from here. The Nikkei 225 was up 3.7 per cent, and the S&P 500 up 1.9 per cent. The S&P 500 ended September at another all-time high and up 12.5 per cent in 2017. 

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