Global equity markets continued to fall throughout September reversing some of the recent gains. The S&P 500, NASDAQ, and Euro STOXX 50 posted negative returns of -4.8%, -5.8% and -2.8% respectively, measured in their local currencies. The FTSE 100 finished the month up 2.4% mainly due to its large exposure towards the energy sector, which benefited from a sharp rise in oil prices. Central banks remained hawkish. The European Central Bank increased rates by a further 25 basis points, while the Federal Reserve Bank and the Bank of England paused rate hikes and signalled a “higher for longer” stance. Yields on US, UK and German 10-year bonds rose by 46, 8, and 37 basis points respectively. Among commodities, Brent Crude oil rose by 6.2%, driven by Saudi Arabia and Russia announcing an extension to voluntary oil output cuts to year end. The pound fell by -3.7% against the US dollar and by -1.2% against the euro.

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