European Union
11/11/2021

Q3 2021 Global Markets Review & Outlook

Inside, you will find a summary of market activity and our market outlook.

Global markets started Q3 strong, rising in July and August. But volatility returned in September, driving equities slightly lower during the quarter. Growth beat value again—albeit narrowly—and Tech led most other sectors while value had a short burst of outperformance toward September’s end.

  • We continue to favour larger, high-quality companies given our assessment that we remain in a late bull market cycle despite the technical bear in 2020.
  • While value’s relative strength occasionally interrupted growth’s leadership in Q3, sustainable value leadership is unlikely until the early stages of the next bull market.
  • Economic growth and inflation expectations likely continue to moderate as global economies reopen supporting our preference for growth equities.

Investing in financial markets involves the risk of loss and there is no guarantee that all or any capital invested will be repaid. Past performance neither guarantees nor reliably indicates future performance. The value of investments and the income from them will fluctuate with world financial markets and international currency exchange rates.


Fisher Investments Ireland Limited, trading as Fisher Investments Europe, is authorised and regulated by the Central Bank of Ireland (CBI), and is wholly owned by Fisher Asset Management, LLC, trading as Fisher Investments (FI). Fisher Investments Europe delegates portfolio management to its parent company, FI.