PMS Monthly Communication - September 2025

August saw fairly solid returns across most major asset classes, with the MSCI All-Country World Index up 2.5% over the month, In US equity markets S&P 500 was up by 2%. With recent economic data points in US, rates markets now price in a high likelihood that the Fed will reduce the fed funds rate by 25 basis points at its September meeting. Japan's economy grew a better-than-expected 0.3% quarter-on-quarter in the second quarter CY2025.