Market snapshot

Terms for the three guaranteed benchmark products have decreased by an average of 7.9% this month. Increased volatility in the DJ Eurostoxx 50 and FTSE 100 indexes has increased option prices on those underlyings. Together with the fall in interest rates across the board (which leaves less to spend after purchasing the zero-coupon bond), this accounts for the deterioration in terms. The S&P 500 showed a slight increase in volatility and a significant fall in interest rates (around 70 basis point