European equity markets were all in slight negative territory for the month. UK and Eurozone equity were fairly well correlated during the month. Emerging Markets equity was one of the worst performing classes during June, being most affected by market fears over a trade war. Global corporate bonds continued their steady decline this year, being down another 0.5% in June. UK bonds were also down across the month by a similar amount. For European indices, realised volatility picked up in June to reach close to average levels. The volatility risk premium for European major indices converged to around 3% for the month end with the S&P higher at 4%.