Mixed Results For Global Stock Markets

www.investing.com/analysis/mixed-results-for-global-stock-markets-200570754

By James Picerno | Apr 01, 2021 07:22AM ET

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US real estate investment trusts (REITs) topped returns for the major asset classes in March, rising 4.4%. The gain follows a second-place rally in February for domestic property shares.

Overall, last month delivered mixed results for global markets. For example, US and foreign developed-market stocks posted solid gains, in contrast with a loss for shares in emerging markets.

Foreign investment-grade corporate bonds suffered the deepest slide in March. The FTSE Russell Non-$ Corporate Bond Index slumped 2.8%. The decline marks the third straight monthly loss for this slice of global fixed-income securities.

Rising interest rates are taking toll in nearly every bond market this year. A notable exception: US junk bonds. The iBoxx US Liquid High Yield Index edged higher again last month, posting its sixth consecutive monthly advance.

Otherwise, red ink continues to weigh on fixed income. The US investment-grade benchmark hasn’t escaped the selling: the Bloomberg US Aggregate Bond Index slumped for a third month in March, shedding 1.3%.

Year to date also reflects mixed results, ranging from the near-9% rally so far in 2021 for US REITs to a 6.4% drop in foreign developed-market government bonds.

GMI Table

The broad trend, however, remains positive for global assets, based on the Global Market Index (GMI). This unmanaged benchmark (maintained by CapitalSpectator.com), which holds all the major asset classes (except cash) in market-value weights, rose 1.8% in March, building on a 1.6% gain in February. Year to date, GMI is up 2.7%.

Comparing GMI’s performance over the past year relative to US stocks and bonds shows that equities remain the clear leader. The Russell 3000 US Stock Index is up nearly 63% vs. its year-ago level (including dividends). The unusually high one-year total return (for stocks and other markets) reflects the bounce from the coronavirus crash in March 2020. The favorable one-year comparison is also giving GMI an extraordinary (and temporary) boost into the performance stratosphere — nearly 39%. US investment-grade bonds, by contrast, are only fractionally higher over the past year, rising just 0.7% after factoring in distributions.

GMI Vs US Stock And Bond Markets

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Central Banks

Interest Rates

Next Meeting

FED

0.00%-0.25%

Nov 03, 2021

ECB

0.00%

Oct 28, 2021

BOE

0.10%

Nov 04, 2021

SNB

-0.75%

Dec 16, 2021

RBA

0.10%

Nov 02, 2021

BOC

0.25%

Oct 27, 2021

RBNZ

0.50%

Nov 24, 2021

BOJ

-0.10%

Oct 28, 2021

CBR

6.75%

Oct 25, 2021

RBI

4.00%

Dec 08, 2021

PBOC

3.85%

BCB

6.25%

Oct 26, 2021

US 30	35,243.9	-50.9	-0.14%
US 500	4,484.9	+13.5	+0.30%
Dow Jones	35,258.61	-36.15	-0.10%
S&P 500	4,486.48	+15.11	+0.34%
Nasdaq	15,021.8	+124.5	+0.84%
S&P 500 VIX	16.31	+0.01	+0.06%
Dollar Index	93.963	+0.025	+0.03%

Crude Oil WTI	81.52	-0.21	-0.26%
Brent Oil	84.13	+0.04	+0.05%
Natural Gas	4.988	-0.422	-7.80%
Gold	1,764.85	-3.45	-0.20%
Silver	23.227	-0.122	-0.52%
Copper	4.7125	-0.0170	-0.36%
US Soybeans	1,220.75	+3.75	+0.31%

SPDR S&P 500	447.19	+1.32	+0.30%
iShares Russell 2000	225.03	-0.13	-0.06%
Invesco QQQ Trust	372.65	+3.71	+1.01%
Direxion Daily Junior Gold Miners Bull 2X Shares	66.58	-1.96	-2.86%
iShares Silver	21.49	-0.09	-0.42%
ProShares Ultra VIX Short-Term Futures	17.58	-0.59	-3.25%
ProShares UltraPro QQQ	139.78	+4.07	+3.00%

Apple	146.55	+1.71	+1.18%
Alphabet A	2,855.6	+28.2	+1.00%
Tesla	870.11	+27.08	+3.21%
Amazon.com	3,446.74	+37.72	+1.11%
Netflix	637.97	+9.68	+1.54%
Facebook	335.34	+10.58	+3.26%
Bank of America	46.28	-0.09	-0.19%

Mixed Results For Global Stock Markets

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