Equities: The FTSE All World posted a healthy 4.1% local currency gain in January to begin the new year in much the same vein as it had ended 2017. Gains were strongest in the US and in Emerging markets. The UK was the only major developed equity market to fall over the month.
Fixed income: Developed government bonds fell across the board in January, with yields moving higher as investor growth and inflation expectations rose.
Currency: Pronounced USD weakness was a particular feature of the month, with the world’s reserve currency falling against its major trading partners. On a trade weighted basis the GBP strengthened over the month.und -verwaltung.