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Key Takeaways

Markets: Equities continued to rally in Q3, led by previous laggards, real estate, US value, and small-cap stocks. After a spiking in August, volatility decreased, leading to a productive September.
Economy: The US labor market showed signs of cooling but remained strong overall. Major global economies continued to expand though manufacturing softened. In China, new policies to boost stock prices were introduced, but their long-term impact remains uncertain.
Investments: Central banks in the US and England cut interest rates, which contributed to favorable market conditions.
Valuations: Expansion in valuation multiples drove gains in the S&P 500. With valuations of US stocks near historic highs, future growth may depend on earnings growth. Elsewhere, valuations for developed markets were below long-term averages, in emerging markets, slightly above.

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Fourth quarter 2024 quarterly market update

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