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March 2024 market review: International
Financial markets showed positive growth in March, with most major global risk assets posting above-average returns.
Financial markets showed positive growth in March, with most major global risk assets posting above-average returns. The growing ‘risk on’ sentiment supported by expectations of a soft-landing has led to a rally across global equity markets, providing favourable opportunities for investment. Developed markets posted a positive US dollar total return for the fifth consecutive month in March with the MSCI World index returning +3.3%.
Emerging Market USD sovereign bonds benefitted from this improvement in risk sentiment and outperformed its peers in March. Similarly, EM ex-China equities also rallied, though they nevertheless continued to underperform their DM counterparts.
A range of commodities rallied during the month – from metals to agricultural commodities to oil – leading the Bloomberg Commodity Index to post its first month-on-month gain since July 2023. Gold was by far the best performing asset posting a 9% jump in March. Central bank diversification has supported the rally in gold.
Another commodity on the move is Cocoa, which has continued price increases and is up over two and half times over the last year. This can be attributed to a number of factors that are negatively affecting crop yields including, poor weather and disease in West Africa, ageing trees, and years of under-investment.
In addition, an EU ban on the sale of cocoa beans in areas of deforestation adds to supply constraints. This has made for a more expensive Easter this year.
As always, we remain committed to providing you with the best possible investment outcomes while remaining true our long term, well considered approach and making sure that portfolios are positioned appropriately for a variety of likely outcomes.
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