Courtiers Wealth Management
Courtiers Wealth Management

News & Insights

July 2023 – Market Update


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Investors continued to favour large-cap, growth-orientated stocks in June as the tech-heavy US and Japanese stock indices dominated equity returns during the month.

The S&P 500 index, which tracks the largest companies in the US, has climbed nearly 17% since the start of the year, skewed upwards by the surging valuations of large tech companies such as Nvidia and Meta Platforms, which are up 190% and 138% respectively year-to-date.

Meanwhile the FTSE 100 index, which tracks the largest UK stocks, has had a more muted year due to its lack of tech exposure and a rising valuation of the pound. Large-cap UK stocks have returned a little over 3% since the start of January, while medium and smaller companies have picked up less than 1%. The UK market suffered another setback during the month as inflation figures showed the Consumer Prices Index static on 8.7% at the end of May, defying expectations it would continue to drop. In response the Bank of England pushed the UK’s base interest rate to 5%, marking the thirteenth rate hike in eighteen months.

Full round-up of June market performance

In the UK, the FTSE 100 index climbed 1.40% while medium and smaller companies, measured by the FTSE 250 ex IT index and the FTSE Small Cap ex IT index respectively, returned -1.25% and 0.41%. In the US, the S&P 500 USD index rose 6.61% while in Europe the Eurostoxx 50 EUR index picked up 4.35%. Japanese stocks measured by the Topix JPY index surged 7.55%.

Emerging markets returns were mostly positive, with the MSCI Emerging Markets index rising 3.54% in local currency terms. Chinese stocks measured by the MSCI China CNY index recovered 4.40%. Meanwhile Indian stocks measured by the Nifty 50 INR index rose 3.53% and Latin American equities, measured by the MSCI Latin America local currency index, gained 6.88%.

In the fixed income market, UK government bonds, measured by the FTSE Gilts All Stocks index, fell 0.41%, although long dated (over 15 years to maturity) gilts crept up 1.63%. Sterling denominated corporate bonds, measured by the Markit iBoxx Sterling Corporates index, decreased 1.23%. In the high yield market, the Bank of America Merrill Lynch Sterling High Yield index returned -0.04%.

In the commodities market, the S&P GSCI USD index, which consists of a basket of commodities including oil, metals and agricultural items, gathered 4.39%. Crude oil futures amassed 3.75% during the month. Returns were mixed in the agricultural markets, with corn and wheat futures moving -6.65% and 7.07% in USD respectively. In the precious metals markets, the S&P GSCI Gold and Silver indices declined 2.23% and 2.86% in USD respectively.

In the currency markets, it was a mostly positive month for the pound as it appreciated 2.11% versus the US dollar and 5.67% against the yen but slipped 0.02% versus the euro.

Important information

Issued by Courtiers Asset Management Limited, CAM0423789. Courtiers Asset Management Limited is Authorised and Regulated by the Financial Conduct Authority – Register No: 616322. Address: 18 Hart Street, Henley on Thames, Oxfordshire RG9 2AU. Tel: 01491 578368.

Past performance is not a reliable indicator of future returns. The value of investments, and the income from them, can go down as well as up and is not guaranteed and you may not get back the amount originally invested. Any forecast, projection or target where provided is indicate only and is not guaranteed in any way. Certain types of funds might carry a greater investment risk than other investment funds. Further details of the risks are associated with investing in Courtiers funds can be found in the Key Investor Information Document or Prospectus, copies of which are available on request or at


This communication is for information purposes only and should not be relied upon in making an investment decision. The views expressed by individuals and the business are based on market conditions at the date of issue and are subject to change without notice. The mention of any stocks or shares should not be taken as recommendation to deal and does not take into account the individual investor’s investment objective or risk profile. Where an investment or security is denominated in a different currency to the investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. Any third party sites, or pages which are linked to the document, have not been reviewed by us and therefore we accept no responsibility for the authors or content of external link or pages. If you are interested in any of Courtiers Asset Management Limited’s range of funds, or require any financial advice, please speak to a financial adviser.

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