The Fed’s rate cutting cycle has kicked off, a soft landing still looks likely and China has finally pressed the stimulus button. It feels like we could almost be set for a Goldilocks scenario.

It’s historically a tricky month for equity markets, and this September is no exception. Rising concerns over US growth, sluggish data from China and the geopolitical backdrop have seen risk aversion come to the fore.

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.