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1、MarketingmaterialQuarterlyMarketsReviewOverviewofmarketsinQ12018Pleasenoteanypastperformancementionedinthisdocumentisnotaguidetofutureperformanceandmaynotberepeated.Highlights–GlobalequitymarketsdeclinedinQ1withinvestorsunnervedfirstbyconcernsaboutthepathofUSinterestraterisesa
2、ndthenworriesovertrade.Globalbondmarketsreflectedhigherinflation,withmostmajorgovernmentbondyieldsclimbing.–USequitiesbegantheyearstrongly,boostedbytaxreforms,butendedthequarterloweramidconcernsoverinflationandtheimpactofUS-Chinatradesanctions.–Eurozoneequitiespostednegativere
3、turnsasworriesoverUSratesandtradeaffectedothermarkets.Italy’selectionwasinconclusivebuthadlimitedimpactontheequitymarket.–UKequitieswerenegativelyimpactedbysterlingstrengthamidexpectationsthattheBankofEnglandmayliftratessoonerandfasterthanthemarkethadpreviouslyanticipated.–Jap
4、aneseequitiesfollowedasimilarpatterntootherglobalmarketsandendedthequarterlower.Theheighteneduncertaintyresultedinagenerallystrongeryenagainstmajorcurrencies.–Emergingmarketequitiesoutperformed,deliveringapositivereturninUSdollars.Brazilgainedamidexpectationsthatformerpresiden
5、tLuizInácioLuladaSilvawillbeprohibitedfromparticipatinginOctober’spresidentialelections.–USTreasuryyieldsrosemarkedlyacrossthecurveoverthequarter.Corporatebondsmadenegativetotalreturnsandunderperformedgovernmentbonds.USUSequitiesbegan2018strongly,buoyedbyongoingstrengthinecono
6、micdata,robustearningsandtheconfirmationofamajortaxreformpackage.Indeed,macroeconomicprintsremainedbroadlypositivethroughoutQ1.USbusinessconfidencereachedanunexpected,multi-decadehighinMarch.GDPforQ42017wasrevisedupwardstoshowgrowthof2.9%,andwhileindustrialactivityslowed–asmea
7、suredbytheISM1manufacturingindex–itcontinuedtoindicateexpansion.However,thelatterpartofthequartersawamarkedincreaseinvolatility.InvestorsfirstdigestedthedestabilisingpotentialofanelevatedUSinflationreadingandthepossibilitythattheFederalReserve(Fed)mayneedtobecomemoreproactivei
8、nraisinginterestratesinordertokeepupwardpricepressuresunderco
