Economic OverviewGlobal equity and bond markets offered generally solid returns despite the late quarter uncertainty generated by the United Kingdom’s referendum result in favour of leaving the European Union.The economic news was mixed in the quarter. In the US, the Federal Reserve left its official interest rates unchanged in June, saying before it increased interest rates again it needed to see clear signs of economic strength before. US GDP grew at an annual rate of 1.1% in the first quarter. China in April reported annual GDP growth of 6.7% for the first quarter, representing a continuing slowdown from growth rates…

Economic Overview China, commodities and central banks were the focus for global investors in a volatile quarter that swung from fear about global growth prospects to relative confidence. In China, data showed factory output growing at its slowest pace in eight years and investment at its weakest in at least five years. Beijing is seeking to transition the economy to a slower but more sustainable rate of growth, based less on investment and more on domestic consumption. Both demand and supply concerns continued to weigh on commodity prices and emerging markets early in the quarter, but signals from the US…