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Mounting growth concerns leave few places to hide

The period since the publication of our last Asset Allocation Chart Book on 31st May has brought yet more pain for investors. Between then and 28th June, the returns from all the headline indices that we track, bar USD cash, were negative. That includes the S&P GSCI Commodity, which had been one of the few headline indices to deliver positive returns in the year to the end of May. Asset prices have continued to be undermined by rising bond yields, but investors now also increasingly appear to be fretting about the health of the global economy and the risk of a US recession. That probably explains why oil prices have dropped despite a strained supply backdrop, while industrial metals prices have plunged.

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