Investors remained firmly fixated on economic data during March, looking for indications when central banks may look to make their first interest rate cut.

After the flurry of central bank activity last week, the economic calendar has been a little more sedate. In the UK there has been little data to breakdown. The final figure for fourth quarter economic growth 2023 was negative as expected and therefore did little in terms of moving markets.

This week was one of central bank domination. First up we had the Bank of Japan who, after eight years of negative rates, hiked their short term interest rate from -0.1% to a range of 0%-0.1%.

UK economic data releases took a back seat in what was Budget week. In terms of the predictions for inflation and economic growth announced, it was pleasing to hear that the Office for Budget Responsibility (OBR) now forecast that the economy will grow by 0.8% in 2024, up from the previous forecast of 0.7%.

Investors remained focused on the disinflation theme through February. Inflation proved to be sticky, as many commentators had predicted, struggling to make that last leg back down towards the 2% target, which so many developed market central banks have set for them.

Very little economic data out of the UK this week, with the Nationwide House Price Index the only real topic of discussion. Year on year, we saw the first increase in the last 12 months, rising 1.2%.

Despite the half term holidays there has been enough to keep eyes on this week. In the UK we saw the release of the GfK Consumer Confidence data for February. This was a little weaker than expected, which is perhaps surprising given that we are now seeing real wage growth in the UK.

January was a mixed month for asset class returns. Some of the exuberance from December was unwound with investors thinking they were a little bit ahead of themselves in terms of how quickly interest rate cuts would come.

After a quiet week on the data front last week, this week has proved anything but. In the UK we have heard about the jobs market, inflation, growth, and retail sales.

After the excitement of the US jobs data last Friday, where 353,000 jobs were added, way above the consensus forecast of 180,000, this week has been very quiet on the economic data front.

It was the Bank of England’s turn this week to vote on interest rates and, in line with consensus forecast, they voted to leave the base rate unchanged at 5.25%.

Eyes were on US economic growth this week, with advanced figures released for the fourth quarter of 2023. Whilst the rate of growth was lower than that seen in the third quarter, it came in above consensus forecast.

This week was one providing the Bank of England with mixed messages. Early in the week we saw wage inflation data which continued to decline on a year on year basis. Average earnings including bonuses rose 6.5% in 3 months, year on year to November.

There has been enough economic data out this week to keep the market scratching their heads as to when the first interest rate cut will be, and by how much.

After excitement through December that interest rates look like they will be cut in the major developed markets during this year, data out this week has perhaps reminded us that nothing is necessarily plain sailing.

December was a positive month for western developed market asset classes. Comments from central bank monetary policy meetings, in particular that of the US, were the key driver of market performance.

The Fund posted a return of 3.18% for November, behind the sector average return of 3.86%.

The Fund posted a return of -2.53% for October, performing in line with the sector average return of -2.52%.

This week was one for inflation data, in particular from the US, as the market continues to try and interpret whether we have reached the terminal Fed Funds rate for this cycle. Fortunately or unfortunately, depending on how you look at it and are positioned, the data came out stronger than expected.

A difficult market for assets this week, with particular pressure seen at the long end of yield curves, as they continued to steepen. With the Bank of England and US Federal Reserve having left base rates on hold at their last meetings, shorter term yields have remained relatively anchored.

The Fund posted a return of 0.06% for September, outperforming the sector average return of -0.50%.

Eyes were focussed on the latest core PCE (personal consumption expenditures) data from the US, a figure seen as the preferred measure of inflation for the US Federal Reserve. Whilst we clearly still have positive inflation in the country, it at least continues to move in the right direction.

It was a busier week for economic data this week. Starting in Europe we had the European Central Bank (ECB) meet to set interest rate policy. The market was relatively divided ahead of it, with some market commentators expecting no move whilst others expected a 0.25% hike.

With UK economic data thin on the ground focus fell on the Nationwide House Price index this week. This showed that house prices had fallen 0.8% in August, larger than the consensus forecast fall of 0.3%.

The Fund posted a return of -0.94% for August, outperforming the sector average return of -1.34%.

We saw a small spike in equity market volatility this week, but for once the predominant driver wasn’t central banks.

The Fund posted a return of 2.18% for July, outperforming the sector average return of 1.79%.

I wonder what we are going to talk about this week? That’s right, you guessed it, inflation. And rightly so. The latest release of UK inflation data caught the market, forecasters and investors on the hop this week.

Not a week appears to go by where we aren’t discussing inflation. Despite our best efforts to find something else to discuss, we again start with that topic, given the impact that it has had on markets this week.

Markets succumbed to a bout of weakness in the second half of the week, caused by the content of the Federal Reserve Open Market Committee (FOMC) minutes from their last meeting. The FOMC are responsible for interest rate setting in the US.

A quieter week for data on both sides of the Atlantic this week. We did hear from US Federal Reserve Chair Jerome Powell however, speaking at a conference on financial stability, where he reinformed that a strong majority of rate setters in the US still expect two or more rate hikes by the end of the year.

Japanese stocks were strong performers in the month, with the Nikkei reaching a 33 year high. They continued to be buoyed by the prospect of the Bank of Japan maintaining its ultra loose policy.

It is difficult to put pen to paper, or should I say fingers to the keyboard, these days without making reference to central banks. In the previous week it was the US Federal Reserve and the European Central Bank who were in the limelight.

This week was another big one for central banks, with both the European Central Bank (ECB) and US Federal Reserve meeting to set interest rate policy. As expected, the ECB rose by 0.25%, bringing the rate of main financing operations to 4%, the deposit rate to 3.5%.

This week could perhaps be defined as one of mixed messages and about turns. Starting with Canada, we saw the surprise decision by the Bank of Canada to raise the target for its overnight rate by 0.25% to 4.75%. The central bank had paused their hiking cycle, which we saw at their last two meetings.

The Fund posted a return of -0.94% for May, marginally underperforming the sector average return of -0.60%.

The good, the bad, but hopefully not the ugly. The UK had news this week which quite nicely fits into all three categories. Starting with the good, we saw the International Monetary Fund (IMF) upgrade their economic forecast for the UK this week.

Economic data has been thinner on the ground over the last week. That which we have seen, however, appears to suggest that a US recession remains on the horizon. The US Conference Board Leading Economic Index declined for the thirteenth consecutive month in April. A level as low as the current one we are seeing has historically coincided with a recession.

We start with the UK this week where, as expected, the Bank of England hiked rates by a further 0.25% to 4.5%. This was the 12th consecutive rise, with there again being split opinion, with 7 voting in favour of the hike whilst 2 voted in favour of no change.

The US Federal Reserve (Fed) and European Central Bank (ECB) were back at the table this week to discuss interest rates once again. As expected, the Fed increased the Fed funds rate by 0.25% to the 5%-5.25% range.

It was more about economic growth rather than inflation when it came to data released and there were a few surprises. In the US we saw the release of the first estimate for first quarter GDP.

Main equity markets were in positive territory for the month, led by the UK. Within the UK market it was large-cap stocks which were the strongest performers, with investors taking a less sanguine view of the outlook for the UK economy. Mid and small cap counterparts however were not far behind. There were also positive returns for Japanese, European and US stocks, as represented by the TOPIX, EStoxx50 and S&P 500, but it was tougher going for the Hang Seng, which ended in negative territory.

Further interest rate hikes were back on the cards in the UK after stronger than expected UK inflation data. Firstly we had average earnings figures where, excluding bonuses, we saw a 6.6% increase, year on year.

There were mixed feelings surrounding the US inflation data released this week. Pleasing the market, we saw the annual rate of inflation fall for the ninth consecutive month to 5%, the lowest level recorded since May 2021. This was below the consensus forecast of 5.2%.

Weaker economic data set the tone for interest rate expectations in the US last week. Firstly, we had the Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI).

After the events of the previous two weeks a quieter few days was probably in order. In the UK, economic data was on the lighter side. We saw UK house prices remain soft, with the Nationwide House Price Index declining 3.1% year on year.

The Fund posted a return of -2.26% for March, underperforming the sector average return of -1.02%.

The central banks of the US and UK continued their battle against inflation this week, both lifting their key interest rate by 0.25%. This took the US Fed Funds Rate to 4.75%-5% and the UK base rate to 4.25%.

There are some weeks when content for Ear to the Ground is hard to come by. This week is certainly not one of those weeks. We touched upon Silicon Valley Bank (SVB) in our previous edition. The UK arm was successfully sold to HSBC.

This week we heard from Jerome Powell who provided his update to Congress. Here he confirmed that he was prepared to increase the pace of interest rate hikes if the data warranted this. He also commented on the fact that the most recent economic data had been stronger than they had expected, therefore the rate at which interest rate peaks, or terminal rate, was likely to be higher than had been expected.

The Fund posted a return of -0.77% for February, marginally underperforming the sector average return of -0.65%.

Whilst the result was already known, the market keenly awaited the publishing of the minutes of the last US Federal Reserve meeting. These revealed that the majority of the policy setting committee members had voted in favour of a 0.25% hike.

Here in the UK, a congratulations to the FTSE 100 which breached the 8,000 level for the first time. Despite weak earnings from Barclays, there were strong earnings posted by Centrica, whose principal activity is the supply of electricity and gas in the UK.

The preliminary release for fourth quarter GDP in the UK showed that the UK economy stalled in the period. Although third quarter figures were revised down, showing a contraction of -0.2%, the flat figure meant that the economy narrowly avoided recession.

I am very much at risk of sounding like a broken record, again, but… it was again a week when central banks around the world stole the limelight. In the US, the Federal Reserve raised the target range for the fed funds rate by 0.25% to 4.5%-4.75%. This was in line with market expectations.

The Fund posted a return of 4.48% for January, outperforming the sector average return of 3.35%.

A quieter week on the economic data front, with little out of the UK or the Euro area. In the latter there were numerous speeches made by ECB members which appear suggest that the central bank remains determined to continue raising rates to counter higher inflation.

We start in the east this week, Japan in particular, where we had a number of announcements. Firstly, we had the Bank of Japan meet to decide on the level of interest rates. Here the decision was made to keep the rate on hold at -0.1%, which was in line with market expectations.

This week we saw the World Bank make a change to its investment outlook for 2023. The organisation had previously forecast that the global economy would grow by 3% this year. They have now reduced this forecast to 1.7%. The brunt of the downgrade comes from developed markets, where they have reduced growth expectations from 2.2% to 0.5%.

Some might have expected the first week back in 2023 to be a quiet affair. This has proved not to be the case, however. In the US we had the release of the December FOMC meeting. Whilst it could be argued that the press conference in December clarified the position of the central bank, the market is always keen to understand what was discussed at the meeting.

The Fund posted a return of -0.08% for December, outperforming the sector average return of -1.10%.

‘Follow the leader’! Or instead of a game of ‘Simon Say’s’, are we currently witnessing a game of ‘Powell Say’s’? This week was a week for interest rate decisions, with respective committees meeting in the US, UK and the EU. First up we had the US Federal Reserve who, as expected, raised interest rates by 0.5% to the 4.25%-4.50% range.

It was the turn of Halifax to report weaker house prices this week, following a negative report by Nationwide last week. Halifax reported that house prices had fallen by 2.3% in the month of November, the largest drop since November 2008. In the US meanwhile, some economic data surprised to the upside.

It has been a quieter one on the UK economic data front this week, especially in the UK. There was data out regarding the housing market and it was no real surprise to see a fall in both price and activity here. Mortgage approvals and mortgage lending came in lower than in the previous month and also below forecast. A weakness has been expected here as the threat of recession, the higher cost of living, including higher interest/mortgage rates, continues to bite.

The Fund posted a return of 5.34% for November, outperforming the sector average return of 3.54%.

A little quieter on the economic front this week. The release of the FOMC minutes from the previous meeting contained no real surprises and reflected very much what was said by Chair Powell in the post meeting press conference and statements made by other Fed governors since. The Minutes confirmed the Committee believe that it may now be appropriate to slow the pace of future increases in terms of magnitude of future rises.

This week saw the release of the UK budget. It is being termed by some as being a ‘rescue’ budget and this is understandable given the forecasts made by the Office for Budget Responsibility (OBR). They forecast that the economy will contract by 1.4% in 2023, before expanding 1.3% in 2024, 2.6% and 2.7% in the following two years.

This week saw the preliminary release of UK economic growth, or lack of, for the third quarter. Initial figures showed the economy contracted by -0.2%, the first contraction we have seen since the first quarter of 2021. All sectors of the economy stalled/contracted, including services, production and manufacturing. As we reported last week, the Bank of England forecasted that we could be in recession until mid-2024, is this the start?

This week as again been dominated by central bank actions. Here in the UK we had the Bank of England working busily. Firstly they auctioned their first tranche of government bonds as they looked to reduce their balance sheet holding of £838bn. They sold £750m of gilts which had a remaining maturity of between three and seven years.

The Fund posted a return of -1.78% for October, underperforming the sector average return of 0.09%.

A number of central banks have held their latest meeting to set interest rates. The ECB acted in line with expectations, increasing its policy rate by 0.75% to 1.5%. The ECB also offered hints as to the future direction of its rate setting. Whilst further hikes are expected to combat inflation, which is still deemed as being too high, the central bank suggested that pace of rate hikes may be slower moving forward.

It is fair to conclude that this week has again been dominated by politics, with the resignation of Liz Truss stealing the headlines. This has been very well publicised in great depth and therefore we will leave it there. From an economic perspective in the UK, this week we saw the release of CPI to September. This came in at 10.1%.

Eyes have been firmly focussed on the US this week as investors awaited the latest inflation print. Although a lagging indicator, the level on inflation in the economy is main factor driving the US Federal Reserve monetary policy.

This week has very much been a to and fro between whether the US Federal Reserve are about to pivot and adopt a more dovish monetary policy stance, or perhaps less tightening stance would be a more appropriate way to put it. Investors are therefore focussing on every scrap of economic data which they can get their hands on.

Equity indices endured another difficult month in September. Although for now, on aggregate, corporate earnings appear to be holding up, there are concerns that the ever weakening economic growth outlook will eventually flow through. Weakness was particularly evident in areas of the market which would be considered more growth orientated, such as UK mid-cap, Chinese (via the Hang Seng) and US stocks.

Do we ironically owe them an inadvertent thank you? This may appear to be a very strange suggestion in that, given the turmoil that their latest fiscal plans have brought, that we could even start to think that we owe this to Truss and Kwarteng. I am in no way taking any political sides here but bear with me on this one.

Late last week we saw the first what was meant to be mini-Budget from Kwasi Kwarteng, the new UK Chancellor. Given the level and degree of announcements made however you could be mistaken for thinking that it was indeed a full budget. The tax cuts and levels of spending which the government have committed to are now very well publicised.

Central banks took centre stage this week, with interest being set both in the US and here in the UK. The Federal Reserve were the first to the table, where they increased rates by 0.75%. This was in line with expectations, but some market commentators had touted a full 1% rise, a move adopted by Sweden earlier in the week. This takes US rates to the 3%-3.25% range.

It is difficult to not sound like a broken record at the moment but we are currently within an environment which is very data sensitive, driving which way markets move next, at least in the short term. The case in point was made this week in the US. Inflation had been expected to come in at 8.1% year on year to August, but instead posted a reading of 8.3%. Markets did not take to this kindly, with the S&P 500 closing down 4.33% on the day.

Her Majesty Queen Elizabeth II devoted her life to serving her country and commonwealth. A truly inspiring leader, whose legacy will live on for generations. We give thanks for her years of service to the nation and beyond and express our condolences to His Majesty the King and the Royal Family at this difficult time.

The US Federal Reserve Chair Jerome Powell took markets by surprise at the Jackson Hole Symposium last week. Many market commentators had been expecting him to deliver something of a pivotal moment. A softer stance on monetary policy tightening, in particular interest rate hikes, was envisaged given the softer economic data coming through and fears of a recession. Instead, he came across as very resolute...

The Fund posted a return of 1.17% for August, outperforming the sector average return of 0.52% due to strong underlying fund performance.

The latest inflation forecast for the UK from Citi took the market by surprise this week. Updated for a further rally in gas and electricity prices, they believe that a further upside shift in inflation is highly probable and that CPI could peak at over 18% in January. This is some way above the 13.3% predicted by the Bank of England in their latest report.

Droughts, blackouts and potentially an inflation top out. With the UK and Europe in the midst of another heatwave we are hearing of more hose pipe bans and of reservoirs drying up. In Europe the shortage has the potential to become the regions next big enemy. It is reported that water levels in Europe’s major rivers, including the Rhine have dropped to record levels. This means that certain ships are unable to navigate these waters. Eurostat estimates that shipping routes...

This week was always going to be about the Bank of England and it indeed proved to be the case. The market fully expected that the Monetary Policy Committee (MPC) would raise rates by 0.5% to 1.75% and they delivered accordingly. This was the largest increase seen in 27 years. This move was supported by eight of the nine committee members, with the ninth preferring a 0.25% hike. They also kept up a pledge to act forcefully again if need, which potentially means that we could...

After a difficult year to date, UK fixed income enjoyed a stronger July in terms of performance. High inflation remains a concern from central banks globally, including the Bank of England. There was a much anticipated 0.5% hike in the base rate for the beginning of August and this was duly delivered, the base rate now standing at 1.75%. They now also forecast that inflation could reach a high...

First and foremost, a huge congratulations to the England Lionesses for bringing football home after a very, very long wait! Something we might be a little bit more reticent to bring home however is the nation’s favourite cheeseburger, after McDonalds announced last week that it will see its first price increase in over 14 years. It wasn’t just a small increase either, with a 20% hike being imposed. The company is also to pass on the cost of higher fuel and ingredients onto...

It ain’t half hot! In a week which saw record temperatures in the UK, it wasn’t just the weather which had us all a lot hot under the collar. UK inflation figures revealed that CPI had increased to 9.4% in June, the highest reading since 1982 and marginally above market forecasts of 9.3%. It is perhaps unsurprising to hear that fuel and food were the largest contributors to the increase. Perhaps the Bank of England Monetary Policy breathed a sigh of relief at the core...

What goes up, must come down. But not quite yet! US inflation again surprised to the upside this week, with the release for June coming out at an eye watering 9.1%. This was up from 8.6% in May, above market forecasts of 8.8% and the highest reading since November 1981. Perhaps more concerning was that there were large increases across many components. Services (ex food & energy) prices rose 3.19%, goods (ex food & energy) prices rose 1.48%, food up 1.45% and energy up 2.98%.

Politics have certainly been at the top of the agenda this week, with the resignation of Boris Johnson being the focal point. As should probably be expected however, the investment market response has been fairly muted. There was some sign of sterling strength following the announcement but markets soon reverted to business as usual.

UK fixed income struggled as an asset class through June,

Not a week seems to go by where inflation isn’t in the headlines. This week...

There are some weeks when news and events...

This week could potentially best be described as a week of confirmation. The increase...

May was a difficult month for equity markets to make any headway...

Economic data has been on the quieter side this week...

By way of a summary, the Fund...

Inflation again took centre stage in the UK this week,

This week saw the release of preliminary...

Central banks were back in the limelight this week. Sound familiar?

Major equity markets were predominantly...

The market was caught off guard yesterday when US economic growth...

This week saw the release of the latest economic

Inflation again took centre stage this week with the release of key data for the UK and the US.

This week saw the release of the latest minutes from...

As inflation continues to surprise to the upside and the cost of living increases,

Major equity markets were again mixed during the month. Most initially fell...

This week saw the release of UK inflation figures,

Central banks were at the fore this week,

The conflict between the Ukraine and Russia continued to take centre stage this week. With no sign...

The Fund posted a return of -1.51% for February, outperforming the sector average return of -1.74%.

Unfortunately the main news this week is the very sad events which are now developing in the Ukraine. I think...

This week saw the release of US inflation, with the annual rate hitting 6.8% in November,

Inflation was again in the limelight this week, this time in the UK. Tuesday saw the release of average earnings data. Including...

This week saw the first release of UK GDP for the 3rd quarter. This rose 1.3% on the quarter,

This week the central banks again took centre stage. Unfortunately...

Equity markets were mixed during the period. The US equity market was strong,

The Fund rose marginally during the month, returning 0.07%. This represented outperformance of the IA Flexible Investment sector average, which posted a -1.11% return.

Buoyant equity markets helped the fund rise by 1.75% during the month. UK equities were one of the strongest performing, in particular mid and small cap stocks,

Within the MI Diversified Strategy Fund you will typically find an allocation to structured notes. We like these investments as they give a part of our portfolio definition,

The Fund fell -0.38% during the month, underperforming the IA Flexible Investment sector average return of 0.15%. The performance of equity markets was...

The Fund returned 1.12% during the month, underperforming the IA Flexible Investment sector average return of 1.96%. Equity markets were generally positive during the month when measured in their local currencies. The US led the way as...

The Fund returned -0.14% during the month, outperforming the IA Flexible Investment sector average return of -0.21%. Equity markets were generally positive during the month when measured in their local currencies. European equities proved...

The Fund returned 2.74% during the month, underperforming the IA Flexible Investment sector average return of 3.33%. Equity markets were generally positive during the month in local currency,

The Fund returned 1.12% during the month, underperforming the IA Flexible Investment sector average return of 1.96%. Equity markets were generally positive during the month when measured in their local currencies. The US led the way as technology stocks...

The Fund returned -0.14% during the month, outperforming the IA Flexible Investment sector average return of -0.21%. Equity markets were generally positive during the month when measured...

The Fund returned 2.74% during the month, underperforming the IA Flexible Investment sector average return of 3.33%. Equity markets were generally positive during the month...

After a strong February, the Fund returned 0.76% during the month, underperforming the IA Flexible Investment sector average return of 1.70%. Equity markets were mixed during the month. There was divergence in the scale of returns with,

Sometimes in life it can be the small things that make all the difference and last week proved to be no exception. Having ititially struck on the 21 December 2018, one of our structured notes matured on the 22 March,

There can be no doubt that 2020 was a difficult period for UK equities. Whilst all markets were troubled by the pandemic and economic lockdown, the UK suffered more than others. The market was penalised...

The Fund returned 1.42% during the month, outperforming the IA Flexible Investment sector average return of 0.61%. Equity markets generally ended the month in positive territory,

The Fund returned -0.24% during the month, only marginally behind the IA Flexible Investment sector average return of -0.11%. January ended with many equity markets in negative territory. In what...

During the Christmas and New Year celebrations definition was perhaps the last thing on your mind. With all the additional goodies on offer, such as mince pies and a chocolate or two,

The Fund returned 2.45% during the month, only marginally behind the IA Flexible Investment sector average return of 2.58%. December was a positive month for equities and UK fixed...

In the last week we have continued to see US equity market indicies attain record highs. At the same time however we have seen valuations continue to rise to such an extent that some investors...

The Fund returned 6.18% during the month, behind the IA Flexible Investment sector average return of 7.32%. Equity market returns were stronger during the month,

The Fund returned -1.16% during the month, ahead of the IA Flexible Investment sector average return of -1.25%. After a positive start to the month, equity performance...

The Fund returned -0.82% during the month, behind the IA Flexible Investment sector average return of -0.37%. Equity markets were generally weaker during the month on a local currency basis, with the exception of Japan. There was also...

The Fund returned 2.26% during the month, marginally underperforming the IA Flexible Investment sector average return of 2.54%. Equity performance showed divergence in August,

The Fund outperformed the IA Flexible Investment sector average during the month, returning 1.34% against 0.14% respectively. Equity market performance was mixed during the period. In local currency...

The Fund lagged the IA Flexible Investment sector average during the month, returning 0.79%against 2.00% respectively. Equity markets were generally higher during the month,

The Fund posted a return in line with the IA Flexible Investment sector average during the month, returning 3.78% and 3.84% respectively. After their strong rebound in April...

COVID-19 and the lockdowns around the world, which subsequently ensued have had a marked and meaningful impact on the global economy. Whilst some countries have to date,

The Fund posted a return of 7.19% in April, in line with the IA Flexible Investment sector average return of 7.25%. Equity markets around the world were in positive territory for the month,

The Fund fell 12.29% during the month, underperforming the IA Flexible Investment sector, which fell 10.95%. This was a month which was dominated by the spread of the Coronavirus,

Yesterday saw the chancellor announce yet another package to provide support to the UK economy as we all continue to deal with the impact COVID-19 is having on our lives,

The Fund fell 3.81% during the month, outperforming the IA Flexible Investment sector average which fell 4.67%. Equity markets initially proved resilient to the news regarding COVID-19,

For a prolonged period of time now funds within the IA Targeted Absolute Return sector have come in for some abuse, normally related to their performance,

Within the MI Diversified Strategy Fund you will typically find an allocation to structured notes, an asset class which we, the investment manager,

The advent of the coronavirus was the catalyst for an increase in volatility within stock markets in January. At the time of writing...

The Fund fell 0.71% during the month, marginally underperforming the IA Flexible Investment sector average which fell 0.49%. Equity markets were positive during...