Market Commentary – December 2014 and Outlook for 2015

Markets weakened in local currency terms in December but US and Japanese markets gained in Euro terms as the Euro weakened further. Equity market performances diverged in 2014 as European markets underperformed the US as the Eurozone economy lagged the recovery in the American labour and housing markets. US stockmarkets gained over 11% in 2014 with the 13% gain in the US Dollar over the Euro adding to the return in Euro terms.

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Investment Markets in December and Outlook for 2015