Global equity markets remained positive in March amidst resilient economic data and Growth stocks continuing to show strength. Over the month, the DJIA, S&P 500, NASDAQ, Euro STOXX 50 and FTSE 100 all experienced positive returns of 2.2%, 3.2%, 1.8%, 4.4% and 4.8%, respectively and measured in their local currencies. The S&P 500 continued to set all-time highs, driven by returns from four of the so called “Magnificent 7” stocks, being Nvidia, Microsoft, Meta Platforms, and Amazon, as their gains accounted for 47% of the S&P 500 total return for the year to the end of March. In fixed income markets, yields on US, UK and German 10-year bonds fell by 5.0, 19.1, and 11.3 basis points, driven by shifts in investor expectations around the timing and pace of changes to interest rates. Brent Crude oil was up 7.1% over the month due to the ongoing conflict in the Middle East. The pound was flat against the US dollar and up by 0.1% against the euro.

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