Covid continues to dominate the news headlines, however, global stock markets, led by the US and the NASDAQ index, have continued to climb higher over the summer months. Economies around the world have reopened from lockdowns and activity has picked up strongly over the summer months. Government bond markets have largely traded sideways as central bank buying continues to support record low yields. Credit markets too have benefited from central bank action and yields have continued to compress. Despite the viciousness of the recession, defaults seem set to be significantly lower than feared in March.