IT turned out to be a good year for the markets amidst the shifting macro expectations and lingering geopolitical uncertainty. Global equities gained about 20% in US dollar terms to-date (as of Dec 17) with the United States taking the lead, followed by Asia ex-Japan.

Notably, the S&P 500 hit fresh highs and breached the 6,000 mark at one point. Bonds also witnessed positive returns albeit to a much lesser extent compared to equities.