World Stock Market Performance

MSCI All Country World Index with selected headlines from past 12 months

SHORT TERM (Q3 2022–Q2 2023)

“Liz Truss Is Appointed UK Prime Minister”

“US Treasury Yield Curve Inverts to Deepest Level since 1981”

“Sunak Wins Vote to Become UK’s Next Prime Minister after Truss Resigns”

“CEOs Say They Expect a US Recession, but Most Think It Will Be Short”

“US Signals Support for Allies to Send Their F-16 Jets to Ukraine”

”Nasdaq Posts Best First Half since 1983”

“UK Inflation Tops 10%, Underlining Gloomy Outlook for Europe”

“US Inflation Hits New Four-Decade High of 9.1%”

“OPEC+ Agrees to Biggest Oil Production Cut since Start of Pandemic”

“US Mortgage Rates Top 6% for First Time since 2008 Financial Crisis”

“Dow Closes 700 Points Higher on Signs of Slowing Wage Growth”

“US Stocks Close Out Worst Year since 2008”

“China Braces for Deadly Covid Wave after Loosening Controls”

“US Inflation Eased to 5% in March; Lowest Level in Nearly Two Years”

“Silicon Valley Bank Closed by Regulators; FDIC Takes Control”

“FedHolds RatesSteady butExpects More Increases”

“US PPI Report Shows Producer Prices Rose, Pointing to Persistent Inflation”

“S&P 500 Starts a New Bull Market as Big Tech Lifts Stocks”

Theseheadlinesarenotofferedtoexplainmarketreturns.Instead,theyserveasareminderthatinvestorsshouldviewdailyeventsfromalong-termperspectiveandavoidmaking investmentdecisionsbasedsolelyonthenews.

Graph Source: MSCI ACWI Index (net dividends). MSCI data © MSCI 2023, all rights reserved. Index level based at 100 starting January 2000. It is not possible to invest directly in an index. Performance does not reflect the expenses associated with management of anactual portfolio. Past performance is not a guarantee of future results.