In contrast with favourable seasonality, the start of the year was characterised by an abrupt sell-off which lasted for the first 40 days on the back of global growth scare impacting negatively commodities prices and risky assets highly correlating in the downward movement.
Macro data and stabilisation in oil prices by the end of February helped to recover from the cheapest valuations recorded since the second half of 2012. The market kept rising almost unrelentingly until the beginning of June when it started discounting the probability of an unfavourable outcome in the UK Referendum while collapsing for just a few days in the aftermath.
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