Global Equity Markets Show Continued Strength
Continued improvement in the macroeconomic backdrop supported another strong quarter for global equities, which rose on the back of strength in developed markets and more modest gains in emerging markets. Fading recession concerns and optimism around economic resiliency in the U.S., driven by moderating inflation, an improving profit outlook, and a still strong consumer lifted U.S. investor sentiment to levels last seen in 2021. Investors shrugged off higher-than-expected inflation data, rising bond yields, and a moderation in expectations of interest rate cuts, which are now expected to be pushed to the second half of 2024. Enthusiasm around AI continued with semiconductor companies outperforming the rest of the market by a wide margin in the first quarter.
Investment Partner
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Market Volatility: The value of securities in the portfolio may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short or long term. Foreign Investing: Investing in foreign securities subjects the portfolio to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.
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