All equity markets returned positively for the month of July with Chinaequities (H-shares) leading the way.    In the midst of all the uncertainty within the Trump administration, U.S.    equity markets continue to touch new highs in the month of July. Thevolatility of the U.S. equity market continues to remain suppressed with VIXclosing below 10 on several occasion.    European Central Bank was initially hawkish on their monetary policiesbefore reversing their stance within days. However, the indecisiveness of thecentral bank did not dampen the recovery of the European equity markets.    China, together with Asian markets, rallied as the One-Belt-One-Roadinitiative starts to unroll.

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