It has been a positive 2017 for the equity markets. The Euro Stoxx 50 index ended the year with a return just shy of 10%. US and Japanese equities returned more than 20%, while emerging market equities increased impressively by almost 40%. The euro has been the strongest performing major currency of 2017, gaining more than 10% against the US dollar. Long-term EUR risk-free rates increased by as much as 20 basis points during the year. Bond markets have not fared as well as equity markets in 2017. Global equity volatilities hit record lows in 2017 and remained below 10% for most of the year.