Risk assets continued to rebound in first quarter, led by global equities, which have gained 15% since their recent trough last October.

Risk assets broadly declined in February, reversing some of the rally from the last several months.

Risk assets broadly advanced in January, continuing their fourth quarter rally after a difficult 2022.

Risk assets closed a tumultuous year on a positive note in fourth quarter.

Asset markets broadly advanced in November. The global equity rally continued as surging Chinese shares helped broader emerging markets outpace developed peers.

Risk assets rallied in October. Global equities recovered some of their steep third quarter losses, as developed markets topped emerging counterparts.

Risk assets declined again in third quarter. Global equities recorded the worst three-quarter decline since the 2008–09 Global Financial Crisis.

Risk assets broadly retreated in August, reversing course mid-month on the growing realization that elevated interest rates may be around longer than expected.

Risk assets rebounded in July as stocks rallied off recent bear market lows and bond yields ticked lower, boosted by better-than-expected second quarter earnings results and signs that the Federal Reserve could slow the pace of interest rate increases sooner than anticipated.

Investor sentiment soured in second quarter, leading to steep declines across nearly all asset classes. Global equities foundered as developed and emerging stocks alike fell into bear markets. Rising interest rates and deteriorating global economic growth prospects meant growth stocks trailed value, while large caps edged small caps. Aggressive monetary tightening and high inflation pressured government bond performance, while corporates lagged on rising credit spreads. Real assets also declined, with energy commodities being the lone exception among major asset classes as oil prices continued climbing. Against this backdrop, the US dollar appreciated to a 20-year high, euro performance was mixed, and UK sterling mostly weakened.