September was almost set up to fail.
Kleinwort Hambros: Monthly House Views - October 2020
Treading cautiously, but increasingly optimistic...
The US markets had seen a strident August rally of over 7% in dollar-terms — the strongest monthly gain since 1984 — leaving valuations looking strained. Japan had seen a similar surge, the 4%+ rally in Europe was impressive, and even Brexit-plagued Britain managed a 2% advance. Then the tone darkened: news commentaries read, “September is never a good month in election years”, “September’s often the worst month of the year”, or even just “we need a correction to get these markets looking reasonably valued.”
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