Global equities rallied during the third quarter thanks to further accommodative comments from monetary authorities globally. Every market and every sector in the MSCI EAFE Index (EAFE Index) advanced during the quarter. The best performing markets included Greece, Finland, Spain, Italy, and Austria. The biggest laggards (albeit each in positive territory) included Israel, Singapore, Japan, Hong Kong, and Norway. From a sector perspective, telecommunication services, materials, and industrials outperformed, while health care, consumer staples, and utilities underperformed. Every developed market currency appreciated versus the US dollar, providing an added boost to international returns for US dollar-based investors.
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