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Market Commentary

Q3|2019 Market Commentary
  • Most people enjoy the idea of “R and R” (Rest and Relaxation).  The financial markets are contemplating “R or R” (Recession or Resilience).  If 2020 is a recessionary year, it will be the most anticipated recession ever which is not usually how recessions occur. Uncertainty continues to weigh on the global economy predominately impacting business fixed investment.  Trade challenges have definitely had a negative impact on manufacturing as seen through sluggish global Purchasing Managers Institute numbers.  On the bright side, service activity and consumer spending have persisted.  The service economy expanded, but at a slower pace than expected. From a geopolitical perspective, the markets processed Hong Kong protests, a fast approaching Brexit deadline, an attack on Saudi Arabia’s oil fields, and US presidential impeachment banter.  With geopolitical commotion as a backdrop, US large-cap stocks still gained 1.4% during the quarter but small-cap US stocks produced a negative return of 2.4%.   International developed markets were also negative at 1% and emerging markets produced the worst quarterly return down 4.1%.
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White Papers

Redefining the Retirement Plan
  • Redefining the Retirement Plan is Axia’s guide to trends and strategies that will help employers get the most out of their retirement programs.  Defined Benefit plans and Social Security have been the simple answer to retirement for the past century. Life expectancy has improved though and an added strain has been placed on plan sponsors to help their employees replace their incomes in retirement. Fortunately, employers are equipped with more tools than ever before to help their employees retire with dignity.
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Trump Orders DOL to Re-Examine Fiduciary Rule

The future of the Department of Labor’s Fiduciary Rule is in limbo following a memorandum released last Friday by President Trump. While a draft memo released earlier in the day delayed the implementation date by 180 days, the final memo did not contain such language. Rather, the final version of the memo directs the Department of Labor to re-examine the Rule to determine whether it may adversely affect the manner in which American can receive financial advice.

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Brexit Fears Unfounded As EU Exit Could Take Years

Last week’s vote by the British electorate to end its 43-year membership in the European Union seems to have taken just about everybody by surprise, but the aftermath could not have been more predictable. The uncertainty of how, exactly, Europe and Britain will manage a complex divorce over the coming decade sent global markets reeling. London’s blue chip index, the Financial Times Stock Exchange 100, lost 4.4% of its value in one day, while Germany’s DAX market lost more than 7%. The British pound sterling is getting crushed (down 14% against the yen, 10% against the dollar).

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