Global dividends fell to $281.7bn in the third quarter, down 4.0% year-on-year, according to the Henderson Global Dividend Index. This was the weakest performance since the second quarter of 2015. Three main factors are behind the decline. First, special payouts were lower, particularly in the US. Secondly, the third quarter sees a seasonal peak from areas of the world that currently have weaker dividend growth such as emerging markets, Australia, and the UK. And finally, dividend growth in the US has slowed. As the largest contributor to dividends, a slowdown here makes a significant impact. On an underlying basis, which adjusts for exchange rates, special dividends and other factors, the global total was 0.3% lower.