{"id":4722,"date":"2023-09-25T10:14:42","date_gmt":"2023-09-25T08:14:42","guid":{"rendered":"https:\/\/spin.nl\/ongecategoriseerd\/market-developments-august-2023\/"},"modified":"2023-09-25T10:14:42","modified_gmt":"2023-09-25T08:14:42","slug":"market-developments-august-2023","status":"publish","type":"post","link":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/","title":{"rendered":"Market developments August 2023"},"content":{"rendered":"<p><strong>Looking at financial market rates as of the end of August, we do not see (on a monthly basis) any major differences compared to the end of July. However, we do see some difference in economic activity at the regional level: Europe and China are stagnating, while the United States continues to grow. As a result, we see that the U.S. dollar appreciated somewhat against the euro. In addition, interest rates in the U.S. also continued to rise, while we saw a slight decline in Europe. In commodities, it was mainly oil (+3.7% in euro) and gas (+6.6% in euro) that caused the broad commodity index to be more than 1% higher than last month.    <\/strong><\/p>\n<p><strong> <\/strong><strong>Shares<\/strong><\/p>\n<p>In August, the MSCI All Countries World Index (measured in euros) lost some ground: -1,3%. Here a clear difference was visible between emerging markets (-4.7%) and developed markets (-0.8%). Within developed markets, North America (-0.3%) was the best performing region. Japan (-0.9%) still came close, but Europe (-2.5%) and Pacific excluding Japan (-4.4%) were significantly weaker. Among emerging markets, we saw that China could not follow up on its strong July; it yielded as much as 7.5%. Latin America (-5.8%), Asia (-4.7%) and EMEA (-3.8%) did relatively better. Energy was also the best performing sector in August, with materials and utilities companies lagging somewhat behind. &#8216;Value&#8217; and &#8216;growth&#8217; did not differ much.       <\/p>\n<p><strong>Bonds<\/strong><\/p>\n<p>As mentioned earlier, there was a clear divergence in interest rates last month. US 10-year rates rose above 4% (+0.15% to 4.11%). Both German 10-year rates (to 2.46%) and Dutch 10-year rates (to 2.79%) fell 0.03% for the month. Risk premiums rose in August. The strongest increase was seen in emerging market government bonds (+0.24% to 4.22)%. A weaker increase was seen in more risky corporate bonds (+0.06% to 4.29%), as well as less risky corporate bonds (+0.08% to 1.55%).     <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Looking at financial market rates as of the end of August, we do not see (on a monthly basis) any major differences compared to the end of July. However, we do see some difference in economic activity at the regional level: Europe and China are stagnating, while the United States continues to grow. As a&#8230;<\/p>\n","protected":false},"author":8,"featured_media":4370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[35],"tags":[],"class_list":["post-4722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-page"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market developments August 2023 - Stichting Pensioenfonds IBM Nederland%<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market developments August 2023 - Stichting Pensioenfonds IBM Nederland%\" \/>\n<meta property=\"og:description\" content=\"Looking at financial market rates as of the end of August, we do not see (on a monthly basis) any major differences compared to the end of July. However, we do see some difference in economic activity at the regional level: Europe and China are stagnating, while the United States continues to grow. As a...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Stichting Pensioenfonds IBM Nederland\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-25T08:14:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/spin.nl\/wp-content\/uploads\/2022\/12\/619652f74626b7860f8b7243_Aandelen-tech-e1542284144902.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"572\" \/>\n\t<meta property=\"og:image:height\" content=\"330\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hanny Broere\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hanny Broere\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/page\\\/market-developments-august-2023\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/page\\\/market-developments-august-2023\\\/\"},\"author\":{\"name\":\"Hanny Broere\",\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/#\\\/schema\\\/person\\\/d7b289bbf09b2739d30dbf7fad13fb75\"},\"headline\":\"Market developments August 2023\",\"datePublished\":\"2023-09-25T08:14:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/page\\\/market-developments-august-2023\\\/\"},\"wordCount\":298,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/page\\\/market-developments-august-2023\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/spin.nl\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/619652f74626b7860f8b7243_Aandelen-tech-e1542284144902.jpg\",\"articleSection\":[\"Page\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/spin.nl\\\/en\\\/page\\\/market-developments-august-2023\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/page\\\/market-developments-august-2023\\\/\",\"url\":\"https:\\\/\\\/spin.nl\\\/en\\\/page\\\/market-developments-august-2023\\\/\",\"name\":\"Market developments August 2023 - Stichting Pensioenfonds IBM Nederland%\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/page\\\/market-developments-august-2023\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/page\\\/market-developments-august-2023\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/spin.nl\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/619652f74626b7860f8b7243_Aandelen-tech-e1542284144902.jpg\",\"datePublished\":\"2023-09-25T08:14:42+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/#\\\/schema\\\/person\\\/d7b289bbf09b2739d30dbf7fad13fb75\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/page\\\/market-developments-august-2023\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/spin.nl\\\/en\\\/page\\\/market-developments-august-2023\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/page\\\/market-developments-august-2023\\\/#primaryimage\",\"url\":\"https:\\\/\\\/spin.nl\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/619652f74626b7860f8b7243_Aandelen-tech-e1542284144902.jpg\",\"contentUrl\":\"https:\\\/\\\/spin.nl\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/619652f74626b7860f8b7243_Aandelen-tech-e1542284144902.jpg\",\"width\":572,\"height\":330},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/page\\\/market-developments-august-2023\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/spin.nl\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Market developments August 2023\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/spin.nl\\\/en\\\/\",\"name\":\"Stichting Pensioenfonds IBM Nederland\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/spin.nl\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/spin.nl\\\/en\\\/#\\\/schema\\\/person\\\/d7b289bbf09b2739d30dbf7fad13fb75\",\"name\":\"Hanny Broere\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/28412c4d5de8ebf8e425ad8e76f0cd560db0a072561f511bd35b4667b778c3ee?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/28412c4d5de8ebf8e425ad8e76f0cd560db0a072561f511bd35b4667b778c3ee?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/28412c4d5de8ebf8e425ad8e76f0cd560db0a072561f511bd35b4667b778c3ee?s=96&d=mm&r=g\",\"caption\":\"Hanny Broere\"},\"url\":\"https:\\\/\\\/spin.nl\\\/en\\\/author\\\/hanny-broere\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Market developments August 2023 - Stichting Pensioenfonds IBM Nederland%","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/","og_locale":"en_US","og_type":"article","og_title":"Market developments August 2023 - Stichting Pensioenfonds IBM Nederland%","og_description":"Looking at financial market rates as of the end of August, we do not see (on a monthly basis) any major differences compared to the end of July. However, we do see some difference in economic activity at the regional level: Europe and China are stagnating, while the United States continues to grow. As a...","og_url":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/","og_site_name":"Stichting Pensioenfonds IBM Nederland","article_published_time":"2023-09-25T08:14:42+00:00","og_image":[{"width":572,"height":330,"url":"https:\/\/spin.nl\/wp-content\/uploads\/2022\/12\/619652f74626b7860f8b7243_Aandelen-tech-e1542284144902.jpg","type":"image\/jpeg"}],"author":"Hanny Broere","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Hanny Broere","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/#article","isPartOf":{"@id":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/"},"author":{"name":"Hanny Broere","@id":"https:\/\/spin.nl\/en\/#\/schema\/person\/d7b289bbf09b2739d30dbf7fad13fb75"},"headline":"Market developments August 2023","datePublished":"2023-09-25T08:14:42+00:00","mainEntityOfPage":{"@id":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/"},"wordCount":298,"commentCount":0,"image":{"@id":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/spin.nl\/wp-content\/uploads\/2022\/12\/619652f74626b7860f8b7243_Aandelen-tech-e1542284144902.jpg","articleSection":["Page"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/","url":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/","name":"Market developments August 2023 - Stichting Pensioenfonds IBM Nederland%","isPartOf":{"@id":"https:\/\/spin.nl\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/#primaryimage"},"image":{"@id":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/spin.nl\/wp-content\/uploads\/2022\/12\/619652f74626b7860f8b7243_Aandelen-tech-e1542284144902.jpg","datePublished":"2023-09-25T08:14:42+00:00","author":{"@id":"https:\/\/spin.nl\/en\/#\/schema\/person\/d7b289bbf09b2739d30dbf7fad13fb75"},"breadcrumb":{"@id":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/#primaryimage","url":"https:\/\/spin.nl\/wp-content\/uploads\/2022\/12\/619652f74626b7860f8b7243_Aandelen-tech-e1542284144902.jpg","contentUrl":"https:\/\/spin.nl\/wp-content\/uploads\/2022\/12\/619652f74626b7860f8b7243_Aandelen-tech-e1542284144902.jpg","width":572,"height":330},{"@type":"BreadcrumbList","@id":"https:\/\/spin.nl\/en\/page\/market-developments-august-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/spin.nl\/en\/"},{"@type":"ListItem","position":2,"name":"Market developments August 2023"}]},{"@type":"WebSite","@id":"https:\/\/spin.nl\/en\/#website","url":"https:\/\/spin.nl\/en\/","name":"Stichting Pensioenfonds IBM Nederland","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/spin.nl\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/spin.nl\/en\/#\/schema\/person\/d7b289bbf09b2739d30dbf7fad13fb75","name":"Hanny Broere","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/28412c4d5de8ebf8e425ad8e76f0cd560db0a072561f511bd35b4667b778c3ee?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/28412c4d5de8ebf8e425ad8e76f0cd560db0a072561f511bd35b4667b778c3ee?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/28412c4d5de8ebf8e425ad8e76f0cd560db0a072561f511bd35b4667b778c3ee?s=96&d=mm&r=g","caption":"Hanny Broere"},"url":"https:\/\/spin.nl\/en\/author\/hanny-broere\/"}]}},"_links":{"self":[{"href":"https:\/\/spin.nl\/en\/wp-json\/wp\/v2\/posts\/4722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/spin.nl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/spin.nl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/spin.nl\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/spin.nl\/en\/wp-json\/wp\/v2\/comments?post=4722"}],"version-history":[{"count":0,"href":"https:\/\/spin.nl\/en\/wp-json\/wp\/v2\/posts\/4722\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/spin.nl\/en\/wp-json\/wp\/v2\/media\/4370"}],"wp:attachment":[{"href":"https:\/\/spin.nl\/en\/wp-json\/wp\/v2\/media?parent=4722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/spin.nl\/en\/wp-json\/wp\/v2\/categories?post=4722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/spin.nl\/en\/wp-json\/wp\/v2\/tags?post=4722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}