Global stocks rallied on signs of progress in U.S.-China trade negotiations and clear indications that the U.S. Federal Reserve has placed its interest rate-hiking plans on hold. Easing monetary policy in Europe and China also helped to boost markets as central bankers around the world acknowledged the impact of slowing global economic growth.
Technology stocks led markets higher amid the strongest first-quarter rally in more than two decades. Economically sensitive sectors, including energy and industrials, advanced sharply as investors reset expectations for interest rates and the global trade environment. All sectors rose, but financials and health care stocks lagged the overall market.
Equity Index Returns (%)
March 2019
1Q 2019
YTD 2018
U.S.
dollar
Local
currency
U.S.
dollar
Local
currency
U.S.
dollar
Local
currency
S&P 500
1.9
1.9
13.6
13.6
–4.4
–4.4
MSCI ACWI
1.3
1.6
12.2
12.3
–9.4
–7.7
MSCI ACWI ex USA
0.6
1.3
10.3
10.5
–14.2
–10.6
MSCI World
1.3
1.6
12.5
12.6
–8.7
–7.4
MSCI Emerging Markets IMI
0.9
1.4
9.7
9.6
–15.0
–10.5
MSCI EAFE
0.6
1.3
10.0
10.6
–13.8
–11.0
MSCI Europe
0.6
2.0
10.8
11.6
–14.9
–10.6
MSCI Pacific
0.7
0.3
8.5
9.0
–12.0
–11.7
Source: RIMES