Developed markets drifted, emerging markets crumpled and a new word was added to the financial lexicon: “tapering”.
However, during the final week of August, we were awakened from somnolence by reports that president Bashar al-Assad had used chemical weapons against his own citizens. Heightened tensions in the tinderbox Middle East and a looming US military strike against Syria make an uncomfortable start to September.
On a more positive note, we have recently had some blockbuster M&A deals, such as the $35 billion Omnicom/Publicis mega-merger and the muscular, $130 billion Vodafone/Verizon transaction.
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