March was a positive month for most equity markets as investors factored in a continuation of global economic recovery which is expected to be turbocharged by the passing of Joe Biden’s $1.9 trillion stimulus package. This was particularly evident in sectors and economies which had suffered more from Coronavirus, for example cheaper ‘value’ companies (a theme that began in November last year with the announcement of successful vaccine trials and has continued this quarter). The prospects of economic recovery, and higher inflation also caused global bond yields to continue rising.

 

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