July saw widespread gains for equity markets around the world. Inflation looks to be moderating in the UK, US, and Europe. Not for the first time, emerging markets outperformed developed markets. Asian markets were spurred as China returned strong gains, thanks to government policy easing and the possibility of further market stimuli. Inflation in the UK fell to its lowest level in well over a year, and the eurozone returned to growth in quarter two, after two consecutive quarters of decline.
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