August was largely a difficult month for markets, although it should be appreciated that the holiday season means that trading activity can have a more significant impact on market movements than normal. Of particular note was China, which led Asian stocks lower, as concerns continued about the weakness of the economy. Energy stocks continued to perform well globally, Saudi Arabia’s continued production cuts reflected in the increase in the price of crude oil, having risen by over $15 a barrel since its June lows. Bond yields continued to creep up, perhaps reflecting the potential impact on inflation.