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Any thoughts of a quiet summer were quickly dispelled by gyrating financial markets in early August. Confidence evaporated, causing a sharp spike in volatility, before markets rebounded to close a volatile week almost flat.

Markets remain in high spirits, with increasing confidence in a Fed rate cut in September. But elsewhere the backdrop is far from certain, with political risks rising in the US and Europe and a great deal riding on the second quarter earnings season.

Unexpected election results in India, Mexico and South Africa temporarily shook markets. In India, Narendra Modi secured a third term, but lost his parliamentary majority.