Quarterly Markets Review Overview of markets in Q1 2018英文资料

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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