While India’s second quarter GDP contracted, third quarter GDP was positive. In China, GDP contracted in the first quarter, but rebounded Even China and India, which had maintained stronger growth than many developed countries, showed weakness. Japan fared slightlyīetter, although GDP still contracted for the first and second quarters of 2020. In January, Brexit occurred with the formal departure of the United Kingdom from the European Union resulting in an 11-month transition period with respect to economic and customs matters. First and second quarter 2020 growth was negative However, as production was slashed, relieving pressure on constrained storage capacity, demand also stabilized. In April, oil futuresīriefly fell into negative territory as storage capacity evaporated and demand waned. crude production and a price war between Russia and Saudi Arabia. In the first half of the reporting period, oil prices deteriorated amid significantly reduced demand, coupled with rising U.S. The COVID-19 pandemic exacerbated economic weakness around the globe, dramatically slowing growth amid stay-at-home orders, supply chain disruptions,Īnd broadly diminishing demand. Slowing economic output, slumping world trade, geopolitical concerns, and the COVID-19 pandemic. Outside the U.S., conditions continued to soften, dampened by Returned -6.86% for the reporting period and the MSCI Emerging Markets Index (Net)* returned 8.25% for the reporting period. Among international markets, the MSCI EAFE ® Index (Net)*, a broad measure of developed international equity performance, For the reporting period, the S&P 500 ® Index, a bellwether for the overall U.S. dollar weakened against a basket of foreign currencies for the reporting period, generally increasing the Raising fears of a resurgence as well as the possibility of increased social distancing restrictions and shuttering of businesses. While theĮxtraordinary response prompted a rally in global equity markets from their March lows, historic volatility remained and international equity markets lost steam during the final two months of the reporting period as COVID-19 infection rates spiked,
By the end of March, governments and central banks around the world had begun passing extensive emergency rescue and fiscal stimulus measures in an effort to support their economies.
Had lost as much as one-third of their former value. At their lows, key international stock indices The COVID-19 outbreak wreaked havoc on the global economy, prompting dramatic social distancing restrictions, shuttering businesses, and plunging markets into bear-market territory with record speed. Up until the final week of February 2020, international equity markets had risen steadily, with several major market indices hitting new highs in mid-February. Historically volatile one for global equity markets. The 12-month reporting period ended October 31, 2020, was a You already receive shareholder reports and other fund documents electronically, you will not be affected by this change and you need not take any action. If owned directly through a fund by calling 1-80. If you invest through another financial intermediary (such as a bank or broker-dealer) by contacting them directly or (broker-dealer), by calling 1-86 and using the unique identifier attached to this mailing If you invest through Charles Schwab & Co, Inc. You would like to receive a fund’s future shareholder reports in paper free of charge after January 1, 2021, you can make that request: You will continue to receive other fund regulatory documents (such as prospectuses or supplements) in paper unless you have elected to receive all fund documents electronically.
Instead, the reports will be made available on a fund’s website and you will be notified by mail each time a report is posted and the mailing will provide a On January 1, 2021, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary (such as a bank or broker-dealer). Notice Regarding Shareholder Report Delivery Options
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