Stock markets crashed in March 2020 as the severity of Covid-19 dawned on investors and economies went into lockdown with equity markets suffering their worst quarter since 2008.
However, risk assets have since staged a remarkable recovery fuelled by ultra-loose monetary and fiscal policy, ending the year at record highs after news of successful vaccine trials lifted sentiment.
There was massive divergence within asset classes. Technology had a stellar year rising 42% in sterling terms but energy fell 30%. US equities were up 17% but the UK fell 10%, recording its worst performance since 2008 despite a strong Q4. Precious metals rose 22% but energy commodities fell by 45%.