The post-ECB correction observed since last Friday confirms our view described in August and again last week in our latest Asset Allocation monthly publication: after a historically calm summer, September is likely to be a month of transition towards more volatility.

Global stocks are up year-to-date, having shaken off worries about the strength of the global economy in the wake of the UK's Brexit vote. But we believe further gains require a meaningful improvement in corporate earnings, particularly in developed markets.

Since the announcement of the vote for Brexit at the UK referendum, long-term interest rates have plunged to record lows across all major currencies. The US 10-year interest rate hit an all-time low of 1.32% on July 6, before rebounding to 1.47% on July 12. But are these levels sustainable?

The British electorate's decision to leave the European Union in the June referendum has roiled markets worldwide. It has clouded prospects for the UK and world economies, and threatens the future of the European project.

Results from the UK's referendum on membership of the European Union (EU) indicate that voters have decided the UK should leave the EU. This result is likely to have wide political, economic and financial market repercussions, leading us to alter our economic and market forecasts and, potentially, our asset allocation.