catching down

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Monthly Market Update | January 2019 

December’s equity market sell-off led global equity markets into the red, marking the first time that U.S., non-U.S. developed, and emerging market equities all ended the year in negative territory since 2008. In fact, very few assets managed to deliver positive returns in 2018; cash outperformed most major asset classes for the first time in more than two decades, supported by four Federal Reserve rate hikes, higher market volatility and a souring in investor appetite for risk. A rally late in the year helped global government bonds eke out positive returns, while credit-sensitive instruments were broadly negative.