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In a repeat of August’s market dynamics, much of the bearish sentiment in Europe was driven by increasing signs of a slowdown in China, falling commodity prices and ongoing uncertainty over U.S. interest rate policy. Novelty was provided by company-specific collapses in the cases of Volkswagen and Glencore; persistently indiscriminate trading sentiment meant they each dragged their peers down with them.
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There was little respite: every sector of the S&P Europe 350 fell in the third quarter, and nearly every one of our European equity strategies fell with them. Infrastructure, and the Dow Jones Brookfield Europe Infrastructure index in particular, boasted the only positive equity index performance for the quarter.
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