Asset Class Reports
Canterbury's Outlook: Third Quarter 2015
China and energy push market into correction territory
- During the third quarter, large-cap stocks outperformed small-caps as investors fled riskier assets as volatility spiked. Global markets were slammed by concerns over slowing Chinese economic growth and the free-fall in the Chinese stock market.
- Long duration, dollar-based fixed income securities performed well as global growth concerns fueled a rotation into ‘safe haven’ assets. Non-U.S. bonds (emerging markets in particular) denominated in local currency performed poorly as slowing Chinese growth and declining commodity prices took precedence.
- Oil prices declined during the third quarter amid global oversupply which was primarily fueled by escalating production from OPEC. Not even fee-based MLPs were immune to the sell-off, as concerns on future cash flows roiled the complex. Commodities and natural resource equities were also weak amid concerns about the Chinese economy.
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