A weaker sterling helped disguise a more hesitant performance from global equity indices in March for GBP-based investors.
- The US market in particular, wrestling with downward revisions to earnings estimates, ended the month almost 2% lower in US dollar terms.
- In contrast Japanese and Eurozone equity markets continued to respond positively to local quantitative easing programmes and a stronger earnings outlook.
- In bond markets gilts and US Treasuries clawed back some of the previous month’s losses, after Central bankers pushed back expectations of when interest rates might rise.
This article was previously published on Tilney prior to the launch of Evelyn Partners.