The new year saw a new wave of optimism with risk assets, both equities and credit, rallying strongly across the globe. The worst quarter since 2011 (Q4 2018) has been followed by the best quarter since 2010. Fears over an escalation in the trade war between the US and China, interest rates rising to an extent which would impact growth and broader concerns over a slowdown in global growth, especially in China, all abated and assets performed very strongly. Equities were up across the board. US equities outperformed, having also fallen less than other developed markets and emerging markets in 2018. Credit spreads tightened significantly, whilst the USD showed moderate strengthening, in particular against EUR. Within commodities, oil in particular performed well, with WTI rising more than 30%.