Our latest commentary - Inflation

Despite entering into 2018 on the back of a historic 103-month bull run, global equity markets started 2018 in positive territory. The US S&P 500 rose almost 6% in January and with the old adage on Wall Street "So goes January, goes the year" investors entered February in optimistic mood (since 1950, there were only nine instances when positive markets in January were followed by a market decline for the whole year). However, over the space of three weeks in February, sentiment changed dramatically and all of 2018's gains on the major equity indices were wiped out in the space of a few days.