CFAL Global Market Review Mar 2015
It was a ‘mixed bag’ for global equities in March, with returns driven more by central bank action, or the perception thereof, than corporate profits. The S&P500, with the Federal Reserve expected to raise rates within the next 6 months, lagged its international counterparts, falling –1.7% and ending the first quarter virtually flat. In contrast, European stocks leapt higher as the European Central Bank (ECB) began buying €60 billion of bonds per month, including bonds with negative yields. The German DAX soared 5.0% in March and was up an amazing 22.0% in the first quarter. As we predicted, American outperformance appears to have peaked; the S&P500 performance is now lagging that of the NIKKEI, DAX, MSCI China and Eurotop 100 over a 12-month period. 03_2015_CFAL_International_Economic_and_Market_Overview-1 Click here for full Global Market Review

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