Markets were up last week, led by the US which finished up 3% having been down 2% earlier in the week. Other markets were less volatile but were mostly also in positive territory for the week.

Markets were fairly soft all week, but the real action happened just after the European close when Gazprom announced it would not reopen the Nord Stream 1 pipeline, which had been closed for maintenance due to ‘malfunctions’.

Last week there was much speculation about whether Fed Chair Jerome Powell’s annual Jackson Hole speech would be a market moving event or not, and it turned out it was, for equity markets at least.