Positive market momentum carried over into the third quarter, boosted by signs of recovery across major economies, particularly the United States. Day-to-day market movements in the United States, Europe and Asia were influenced by specific data releases, including gross domestic product (GDP), confidence, inflation, the U.S. housing sector, unemployment, commodity prices and U.S. dollar movements. U.S. markets also responded to optimistic statements from the U.S. Federal Reserve regarding the economic outlook and the success of the U.S. government’s “cash for clunkers” auto program.
The Dow Jones Brookfield Global Infrastructure Index was up 13.8 percent (in USD) for the three months. The Dow Jones Brookfield Global Infrastructure Composite Index, which includes master limited partnerships (MLPs), was up 13.6 percent. Global infrastructure securities underperformed the Dow Jones Global Equities Index, which was up 18.4 percent in the quarter (in USD).