Equity markets experienced another volatile month, with the markets concerned about a potential trade war between the US and China. European equities lost around 2% in March. The UK market was down by over 7% in the first quarter. International equity markets posted losses of between 2% and 3% during March. Bond markets rose in value in March. Realised volatility has retreated from its February peak, but remained elevated in March relative to its start-of-year levels. The volatility risk premium for the S&P seesawed whilst rising to 5% by the end of March.