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Markets started the year strongly on reassuring economic data but came under pressure in March as Middle East tensions drove oil prices, inflation expectations and yields higher, weighing on both equities and bonds.
Global equities fell 1.3% in GBP terms over the first quarter, helped by a stronger US dollar (+2% versus GBP). Pacific ex Japan (+5.0%) and the UK (+4.0%) led the major developed equity markets, with Europe ex UK (- 2.3%) and the US (-2.8%) lagging. Emerging markets (+1.8%) outperformed developed markets (-1.6%), supported by early strength in tech-heavy markets, despite March weakness in oil importers hit by supply disruptions.
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