The month of December was characterized by rather strong performance of the stock markets, with the S&P 500 index registering a fourth consecutive month of profits (+3.02%) and ending the year with an annual gain of more than 30%. Volatility rises up slightly to 13.78% but remains far below its historical mean value. The bond market also confirmed its moderate profitability as both regular bonds (0.04%) and convertible bonds (1.69%) post positive return. Concerning commodities market, the GSCI Commodity Spot index produced a strong performance (6.61%), following three other months of positive returns.