The Bank of Japan announced a rate hike, triggering a sell-off of equities in early August, equity markets quickly bounced back delivering positive returns for the month. While in previous months the gains came mostly from mega-cap TMT names, in August broader sectors reported higher stock returns.
At the same time, medium and long-term interest rates were lowered while the Fed meeting in Jackson Hole was a much-awaited event for the first interest rate cut in September. Market participants were preoccupied...