Springtime blues
September was a very bad month for most markets and the weakness spilled over into the first few days of October. US equities, as represented by the S&P500 index, fell 1.5% in September, wiping out most of the third quarter gains. US bonds are beating equities year-to-date. In Europe, the UK FTSE 100 lost 2.9% which left its 2014 return in the negative. The Japanese equity market bucked the global trend in the third quarter, but is still catching up from a very poor first quarter.