Equities have exceeded expectations, cash has performed in line with them, and property and fixed interest took until nearly the end of October before recovering earlier losses. Their comeback since then has been exceptional and is a good example of the dangers of moving to cash and trying to time markets.

In the last few days, we have had a glimpse of the next market moves. Still, at the moment, there is insufficient evidence to say with any confidence that we have entered a new period and brought an end to the central bank-induced volatility.

The financial airwaves were dominated by two themes in May: the US debt ceiling negotiations and excitement over AI.

In a nutshell: calm after the storm with inflation in major economies trending down; watch out for tighter credit conditions; major central banks continue rate rises but are close to peak.

In a nutshell: Silicon Valley Bank and Credit Suisse spark concerns in the banking sector; central banks stick to restrictive monetary policy; positive end to the month for Bonds, mixed for equities.

In a nutshell: markets reassess their 'risk on' positioning; previous bond market reverse; change in mood affects equities too.

Effective tax planning is a year-round job. But it's only at the end of the tax year that you have all the information needed to use the allowances and reliefs in a tax efficient way.

Risks and opportunities in the year ahead - why the outlook is favourable for long-term investors.

What’s moving markets and asset class implications