As investors bid farewell to a volatile third quarter, now is a good moment to put some of the recent fearmongering into context. The data was never going to look rosy; and, sure enough, when the figures came in, they reflected the impact of fears that have hounded markets in recent months: China's slowdown, uncertainty over the timing and impact of the Federal Reserve rate rise, poor corporate earnings and, most recently, the crisis at Volkswagen, were perhaps the most important.

The S&P 500 dipped 8.7% over the quarter. Global stocks generally saw their biggest drop since the same quarter in 2011. Taken together, activity in mergers & acquisitions, debt and equity markets, and syndicated lending generated fees of $16.5 billion - the lowest quarterly total since 2011. The Bloomberg Commodity Index was down 14.8%, its biggest quarterly drop since 2008.

  • Investors were happy to see the end of a volatile third quarter in which stocks fell globally
  • Disappointing US payroll data last week postponed expectations of a Fed rate rise
  • There was good news of economic growth in peripheral Europe
  • Volatility continued last week but is still beating the retreat from its August high

View this week's Market Bulletin, which contains thoughts and opinions of St. James's Place and our range of investment managers on the key issues affecting investors.

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