Apollo Global Management: Top Hedge Fund Pick?

Current Market Environment and Financial Services

The financial markets experienced significant turbulence in August, yet the global financing landscape remains stable. Unlike severe tightening, borrowing conditions have shown resilience despite the equities and corporate debt markets experiencing downturns. For instance, the broad US stock market fell nearly 10%, remaining 5% below its July peak. However, European stocks have seen some recovery, with a 3% increase from August lows. Corporate bonds have also been volatile, with higher-rated bonds witnessing increased risk premiums. Nonetheless, borrowing conditions have not been materially impacted. This resilience is supported by a major global financial institution's financial conditions index, which indicates that while conditions have tightened since mid-July, they remain historically loose.