March saw sharp declines across major global equity markets, which were rocked by heightened uncertainty around US President Trump’s tariff policies. The S&P 500, NASDAQ, FTSE 100, and Euro STOXX 50 all posted negative returns of 5.6%, 8.1%, 2.0%, and 3.8%, respectively and measured in their local currencies. The imposition of tit-for-tat tariffs between the US and China, in addition to tariffs on exports from Canada and Mexico to the US, caught investors by surprise due to the perceived likelihood of further extensions to their implementation. In fixed income, UK 10-year bond yields rose by 19 basis points while those on US 10-year bonds remained flat with the Federal Reserve Bank holding rates steady, remaining on course for two further rate cuts this year. Commodities saw a strong month. Gold reached another all-time high ending the month up by 9.9%, continuing a recent trend of investors flooding to the safe haven asset due to global economic tensions. Brent Crude oil rose by 3.4% off the back of continued geopolitical tensions. Currency markets saw the pound appreciate by 2.7% against the US dollar and depreciate by 1.5% against the euro.

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