March Market Commentary

But it merely proved a pause for breath; global stock markets dusted themselves off to continue on their upward trajectory. Property stocks, Chinese equities and the US S&P 500 index all posted considerable double-digit returns in Sterling terms over the past 12 months. Most other key asset classes and stock markets also followed suit with strong advances, albeit to a lesser degree.

The economic benefits of cheap oil, an expectation for interest rate hikes to be delayed, and continued economic progress in the United States all provided positive tailwinds. The Chinese economy has held up better than expected, despite a slowdown in the rate of economic growth following decades of gravity-defying advances. With ample policy tools at their disposal, the Chinese authorities have thus far demonstrated a pro-active attitude towards cushioning the impact of slowing growth via interest rate cuts and infrastructure spending programmes, actions which have been well received by the markets.

Cheaper energy and com