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Bonds benefitted as many of the world’s financial markets experienced their worst start to a new year ever. Equity markets were led lower by the Chinese Shanghai index which fell more than 22%. North American equity market moves were more muted, but the U.S. S&P 500 still lost more than 5% and the S&P/TSX declined 1.4%. Commodities too were weak, with oil dropping more than 9% in the month and copper losing over 3% in value. As large as these changes seem, they obscure the actual volatility that occurred in the month. For example, the S&P 500 had fallen 13% and oil plunged 29% in the first three weeks of the month before strong rallies occurred that erased most of the losses. (more…)