For much of the year, 2023 was characterised by a volatile investment environment. It was another challenging year for investors. Rising interest rates had a conflicting impact on bond investments. US technology stocks dominated global equity markets.

Investors have enjoyed pleasing returns over the last two months. Hopes of a soft landing for the economy, rapidly falling rates of inflation, and normalising capital market interest rates have provided a boost to almost all asset classes. The monetary policy stance of central banks confirmed this trend last week.

The third quarter of 2023 was characterised by turbulence of varying kinds. Further rises in key interest rates weighed on bond investments and the likelihood of an economic downturn acted as a drag on equity prices, while at the start of October the terror attacks in Israel dragged geopolitics back to centre stage.