Most major equity indices saw losses in September, with some investors concerned about current stock valuations, as well as rising numbers of positive COVID-19 cases globally. The Japanese Topix index was one of the top performers of the month, gaining 1.3%, but remains down 3.4% year-to-date. Both the UK government bond and the UK corporate bond indices rose in September, returning 1.6% and 0.5%, respectively. Both GBP and EUR Risk-free rates declined at all terms in September, with the longer-term rates seeing the largest drop. Both UK’s CPI and RPI inflation measures declined in August. Realised volatility of major indices increased during September, on the back of increased uncertainty around US elections, increased risk of “no-deal” at the end of the Brexit transition period, increasing numbers of positive COVID-19 cases in Europe and concerns of overvaluations in the tech sector.