2018 ended on the stock markets with turbulence. On balance, it was a disappointing year for investors. The development on the international financial markets was characterised by higher volatility. According to an assessment made by the SNB, concerns about a global slowdown in growth, persisting uncertainty regarding Brexit, Italian fiscal policy and the continuing tensions caused by the USA’s trade policy – particularly towards China – weighed heavily on the equity markets. The situation was exacerbated by an increase in long-term interest rates in the USA at the beginning of October. Analysts expect the volatility on the equity markets to persist in the short term and that 2019 will be a challenging year. There are still too many variables that are difficult to assess from an investor’s perspective. Consequently, no great euphoria should be expected on the equity markets any time soon.