It started with a bang, at least in the UK, but then equity markets fell – Lockdown 3.0 – before they went on a strong run from the beginning of February all the way to the middle of June. The buzz words for global markets during the period were ‘recovery’, ‘reflation’, ‘rotation’ and ‘value’. But then the Covid-19 wobbles returned as the more easily transmittable ‘Delta’ variant became the dominant strain.