The week that was…

In the week ending 14th August, what stole the financial headlines?

Away from the front pages for the past couple of months, the situation in Iraq – where Islamic State militants have made rapid progress in their attempt to take control of the fractured country – has recaptured the attention of the world leaders. Having previously been preoccupied with events in Eastern Europe and Gaza, the attention of Western powers has swiftly shifted to Iraq. Indeed, with Islamic Militants reportedly controlling around a third of Iraq, the US military intervened with its first airstrikes since the withdrawal of US troops in 2011. Elsewhere, events in Ukraine continue to have far-reaching consequences for Russia’s European neighbours. Following a further raft economic sanctions from the West, Russia responded with a series of food import bans, many of which hit European economies the hardest. Meanwhile, Germany’s economy shrank by 0.2% in the second quarter of 2014 – a worse-than-expected outcome attributed in part to the unsettling effect of the Russia/Ukraine crisis on German business confidence.

Headline Hotlist & World/ Asset Returns Source: The BNY Mellon Investment Strategy and Solutions Group (“ISSG”) as at 15/08/14. ISSG is part of The Bank of New York Mellon.

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