Although several indicators suggest a global economic slowdown, stock markets held up well during September - some markets even reached All Time High including the SAX index in Stockholm as well as our fund.

August started out with falling stock markets, the OMX30 lost over 6% up until the middle of the month. The negative sentiment could be partly explained by escalating trade tensions between China and the US, an increasing risk of a hard Brexit and a general economic turmoil where the German economy is in the centre of attention.

In July, US stock markets rose slightly, while Asian and European markets showed weaker performance. The trade negotiations between the US and China were resumed and then cancelled without any direct progress being made. Instead, the relation between the countries worsened which affected markets negatively.