The modest returns seen in the majority of markets over the month masked some sharp moves over the same period. In most cases these were triggered once again by central bank policy decisions, as well as moves by OPEC and Russia to curb oil production.

Markets initially sold off quite sharply, disappointed that the European Central Bank (ECB) failed to loosen policy further, while also becoming increasingly worried that – in the face of broadly positive economic data from the US – the Federal Reserve (Fed) would raise rates at its September meeting.