Equity markets had a positive performance in June as they ended a very strong quarter by making gains for the third straight month. Emerging markets outperformed their developed economies counterparts in June. The Japanese equity market was the laggard performer, ending the month down 0.2%. The British government bond index was down 0.6% at month-end. GBP Risk-free rates declined at short to medium terms, while increasing at longer terms. UK’s CPI reading was 0.5% in May, a drop of 30 basis points from the previous month. Realised volatilities remained broadly unchanged in June, with the FTSE 100 and the Euro Stoxx 50 indices posting realised volatilities of 25% and 28.9% at month-end, respectively. Volatility risk premiums also remained mainly unchanged in June, but remain elevated compared to those levels observed at year-end 2019.