September continued to be a volatile month in the markets as concerns over China and the upcoming tightening of US monetary policy continued to dominate the headlines.

The S&P 500 was down -2.6% in September, closing the quarter down -7%, the worse performance in almost four years. In Europe, the EuroStoxx 50 was down -5.2% for the month and -9.5% for the quarter. Whilst in Asia, the Nikkei was down -8% and the Shanghai Composite lost another -4.8% bringing the quarterly retreat to -28.6%. The weak equities performance was echoed in the credit markets, with the third quarter marking the second worse quarter for high yield since the financial crisis, and credit issuance supply falling sharply as investor appetite waned.

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