By Philip Lawlor, managing director, global markets research
After the market rout in late 2018, our Market Maps report for January showed a strong rebound in a wide range of risk-on assets. The rise was almost a mirror image of December's falls: cyclical stocks outperformed defensive, US small caps had their best start to the year in more than 30 years, and appetite for emerging markets increased.
But one anomaly in the abrupt change from risk-off to risk-on was gold - traditionally seen as a defensive asset - which has continued to appreciate since the