Over July, equity markets such as the S&P 500 posted its best monthly gain since November 2020, rising 9.1%. This strong performance came despite the multiple headwinds and uncertainties which markets continue to face.

In the first half of this year, investors have been faced with a myriad of headwinds and uncertainties. It has also been an extremely volatile start to the year for financial markets.

The unpredictable macroeconomic backdrop has continued into May; with inflationary concerns and changing central bank policy, coupled with the war in Ukraine, fueling volatility and uncertainty in markets.

The macroeconomic backdrop has remained uncertain this month, and investors continue to face several headwinds, such as inflationary pressures and equity market weakness.

Markets have continued to navigate a myriad of headwinds this month, such as inflationary pressures; changing monetary and fiscal policy; and the war in Ukraine; to name a few.