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mpc: 3 Over the month, there had been sizeable movements in the prices of a range of financial assets. Equity price indices in most advanced countries, including the United Kingdom, had fallen by between 4% and 8%, while the indices for many emerging market economies had declined by 10% to 20%. Non-oil commodity prices had been volatile and the price of Brent crude oil had declined by around 6%. Credit spreads for riskier assets and the implied volatilities derived from options contracts had risen.

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