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Quarterly review for the second quarter of 2022

Global equities and global bonds fell 15.53% and 8.26% respectively in dollar terms over the second quarter of 2022 but only 8.42% and 0.54% respectively in sterling because of currency movements. UK government bonds, sterling investment-grade corporate bonds and sterling high-yield bonds fell 7.86%, 7.83% and 9.10% respectively.

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Quarterly review for the first quarter of 2022

Global bonds fell 3.47% in sterling over the rst quarter of 2022 in response to rising ination and interest rates, with the pound’s weakness masking greater losses in some overseas markets. UK government bonds fared worse, falling 7.46%, while sterling investment-grade corporate and high-yield bonds lost 6.63% and 3.39% respectively.

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Quarterly review for the fourth quarter of 2021

Global equities rose 6.29% in sterling over the nal quarter of 2021, ending the year up 20.14%. US stocks outperformed, rising 10.53% in sterling over the quarter, buoyed by US technology stocks, which gained 13.53% as investors braced themselves for more lockdown restrictions in response to the Covid-19 Omicron variant.

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Quarterly review for the third quarter of 2021

Global equities and bonds fell 0.95% and 0.88% respectively in local currencies over the quarter but rose 1.48% and 1.55% in sterling because of currency movements. Inflation data proved stronger than expected and central bankers turned hawkish.

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Quarterly review for the second quarter of 2021

Global equities rose 7.39% in sterling over the second quarter of 2021 as the world economy recovered as a result of Covid-19 vaccination programmes, ultra-loose monetary policy and unprecedented fiscal stimulus.

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Quarterly review for the first quarter of 2021

In March, the Federal Reserve lifted its 2021 growth forecast to 6.5% as the recovery accelerated. Fed optimism was confirmed in April, when the initial estimate for first-quarter growth emerged at 6.4%, leaving the economy just 1% below its pre-Covid level.

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