This market commentary has been produced by the Investment Management team at Hanson Asset Management.
June was dominated by two particular events, one on the economic and one on the geopolitical front, both of which could have far reaching implications. The first was the uncertainty in Greece over the country’s debt repayments and the second was terrorist activity, which included an attack in Lyon and culminated in an atrocity in Tunisia where 30 people were killed. All of this against a background of ISIS atrocities across the Middle East, Russian tit-for-tat sanctions against the EU and a continuing refugee crisis in southern Europe spawned, to no small extent, by ISIS. In 2014 Greece took in 10,000 refugees, to date their island of Kos has taken in 6,000 alone, and has in total absorbed 68,000, more than Italy, a country nearly 9 times as rich. Italy has taken in 67,500 and there are thought to be over 40,000 more refugees trying to leave Syria alone, headed for southern Mediterranean shores. They will try to join the 137,000 already there according to UN figures.
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