• Stock markets declined in recent weeks.
• Triggers for this included:
  › The downgrading of the USA's credit rating by the rating agency Fitch at the beginning of August
  › China's real estate crisis
• Long-term interest rates rose again. The interest rate on 10-year US government bonds, for example, rose by over 40 basis points last month.

You can read about how we are positioning ourselves in this challenging environment in the current Baloise Market View.