The collapse of Silicon Valley Bank (SVB) Contingent convertible capital in the US, alongside the ‘shotgun’ merger of Credit Suisse and UBS in Europe, momentarily spooked investors with echoes of the 2007-08 financial crisis. Despite the subsequent increase in market volatility, global equities delivered worthwhile gains over the quarter. Inflation remained a key topic among analysts, with central banks in developed economies such as the US, UK, Europe and Switzerland each electing to raise interest rates over the period.
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