Despite a stellar start to the year, global equity markets ended the first quarter with negative returns. Global markets stumbled heading into February, when stronger than anticipated wage growth in the U.S. caused bond yields to move upwards. Equity markets fell, as investors seemed concerned that rates might rise faster than the economy could stand. Equity markets stabilized during February, only to be spooked in March by fears of a global trade war following U.S. Tariff announcements.
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