Risk assets in first quarter failed to sustain January’s surge as prospects for rising inflation, higher bond yields, increasing trade protectionism, and tighter technology regulations weighed on sentiment during February and March.

Capital markets reversed course in February as the benign volatility environment they enjoyed for some time ended abruptly.

Capital markets generally started 2018 on a strong note, save for bonds, which saw yields back up on increasing prospects for faster economic growth and inflation, greater monetary policy tightening, and rising government bond supply.

Capital markets performance was mostly positive in fourth quarter, bolstered by strong economic data, solid earnings growth, and market-friendly political and policy developments.

Capital markets performance was mixed in November as political developments took the spotlight from improving macroeconomic conditions and strong earnings results.

Capital markets performance was generally positive in October, bolstered by improving economic growth, strong earnings results, and market-friendly political and policy developments.

Capital markets performance was generally positive in third quarter, bolstered by positive economic data, strong earnings growth, and mild inflation.

Capital markets performance was mixed in August as several exogenous events caused some risk aversion to return to global markets.

Capital markets performance was generally positive in July, bolstered by a weaker dollar and upbeat economic data.

Second quarter saw a continuation of many first quarter themes. Global equities rallied further, led by emerging markets, while US stocks underperformed developed counterparts in USD terms despite hitting all-time highs.