During the month of August, markets turned red around the world largely due to three events pertaining to Chinese market. Yuan devaluation, continued falls in the Chinese stock markets and unexpectedly weak economic indicators all combined to brew up the perfect storm. Accordingly, developed and emerging market indices followed a steep falls despite of most economic data releases in Europe and US being positive. Adding fuel to the fire were commodity prices, which also took a hit across the board, while two assets that have had a very bad year—oil and gold—gained ground over the month. US economy was generally positive in August, with a solid employment report, very strong vehicle sales, and better-thanexpected readings on retail sales, housing starts and existing home sales. Most importantly, the government revised its estimate of second-quarter 2015 real GDP growth to a 3.7% seasonally adjusted annualized rate from 2.3%.
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