Information provided by Fidelity Investments
Performance
Global equities continued to advance in March on improving economic data and prospects of a soft landing
Canadian stocks advanced during the month, boosted by materials, health care and energy stocks
U.S. equities advanced in March
Markets weakened at the beginning of March due to "Magnificent Seven stocks" including Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla
All companies except Nvidia and Meta declined due to concerns about their earnings
U.S. inflation remained higher than expected for a second consecutive month
Overall Q1 ended on a strong note for Canada and America
All sectors rose with energy, utilities and materials amongst the strongest performers
Top detracting sectors included: consumer discretionary, real estate and information technology
Japanese equities continued gaining strength in March (a month after Bank of Japan's decision to end its negative interest rate policy and eliminate yield curve control)
Energy led the rally at a sector level with a rise in oil prices
Materials advanced on higher copper prices
Consumer discretionary and consumer staples were the notable laggards
Equities in Asia advanced, led by a strong rally in regional technology markets with mega-cap semiconductors leading the way
Chinese economy is gathering a more solid footing in 2024 thus far
Fixed Income
U.S. Treasury ended lower for the month
Inflation
Fed indicated their plans for three rate cuts before ending 2024
Fed Reserve Chair Jerome Powell reiterated the central bank's intention to implement rate cuts later this year
Data from Statistics Canada showed that the CPI rose 2.8% year-on-year, down from a 2.9% gain in January
The notable drop in inflation has urged the expectations that rate cuts could come soon
The Swiss National Bank unexpectedly lowered their interest rates by 0.25%, making them the first central bank in a major developed economy to cut rates in the current cycle
Commodities
Natural gas tumbled 29.9% in the quarter
The price of crude oil rose 16.1% in the same period
Gold, silver and copper all had a positive quarter, with respective gains of 7.0%, 3.4% and 3.0%.
Information provided by iA Private Wealth and Fidelity Investments
The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This blog was prepared by Alison Cannell, for the benefit of Alison Cannell, Financial Advisor with Cannell Wealth Management Inc., a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability.
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