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.

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.