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Many markets reached new highs in August, stretching valuations even further. Combined with recent political developments this is pointing toward a stormy autumn.

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In global stock markets, July was a pretty quiet month. Covid-19 and its direct and indirect effects look set to remain a crucial theme in the weeks ahead.

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June ends one of the strongest capital-market quarters in decades. But the recovery euphoria is likely to lose momentum now.

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Government rescue packages and a gradual end to the lockdown spurred the markets on in May at a pace that probably cannot be continued.

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In April, some stock indices posted record jumps and the risk premiums of corporate bonds narrowed considerably. This could now be followed by consolidation.

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In March the longest U.S. bull market finally ended. And was almost forgotten as the coronavirus pandemic, trillions in monetary and fiscal stimulus, and curfews took over.

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In February stocks and bonds dived from their record heights. The global spread of the coronavirus seems to be dictating the responses of central banks, economies and markets.

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After a turbulent start to the year, investors may be asking themselves whether to buy into the weakness or hedge their positions further? Or do both?

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There were clear factors behind the year-end rally which in 2019 brought one of the best returns since 1990. However, the risk of short-term setbacks has therefore become greater.

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The year-end rally has already started. Everybody seems to be on board, and central banks continue to be happy to help.

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October was all about talk of deals and crucial deadlines. What happened? The deals got nowhere and the deadlines were missed. How did markets react? Equities went up still more and bonds hung around. It is remarkable how untroubled markets can be when central banks keep serving them monetary cocktails.

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After a few tumultuous months, September proved relatively calm. Time to tweak some of our strategies.

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In August, the bond market was bursting with records. The low-interest environment is likely to stay with us for some time. The joy of equity investors is not unspoiled, fears of recession are spreading.

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June was dominated by surprisingly dovish central banks, which lifted some equity markets to new highs and pushed some bond yields to new lows. But the joy is not untroubled.

Investing is a cinch

By: Björn Jesch

The coming months are likely to bring interesting opportunities for fixed income investors, as the longer-term prospects for fixed-interest assets continue to appear decent.