Increase in volatility

From the viewpoint of structural and market risks, last year was once again characterised by low inflation in the main economies and by the actions of central banks, which provided liquidity and intervened in the public debt financial markets. In certain markets, the systematic purchases of public debt by central banks triggered a reduction in market depth.

During the last months of 2018, the equities markets experienced a significant increase in volatility, with all indexes registering losses, generally speaking. This downward trend can be traced to different uncertainties, such as the weakening of the economy, the Federal Reserve interest hikes and the renegotiation of trade agreements demanded by the United States. Emerging markets were affected significantly.