European Central Bank slashing its economic growth forecast and increasing optimism over US-China trade negotiations.
Equity markets continued to perform well for March and the MSCI All Countries Index rose 11.6% for the quarter.
African equity markets are starting to gain after recent lows.
Chinese equities continue to rally while Indian real gross capital formation rose YoY
Markets were concerned in February about the government taking populist steps prior to the general election in May.
African markets continued their rally in aggregate over February. The regional West African market (BRVM) performed strongly and was a large contributor to index gains.
Government influence was prominent in both China and India this month, with fiscal deterioration at Indian government level capping investor enthusiasm for equities, and the ongoing US-China trade tariff negotiations moving closer to pricing in a pact by the end of March.
January’s equity market recovery continued into February, albeit at a slower pace, as markets focused on a receding probability of US recession and a significantly more dovish Federal Reserve.
February saw oil prices continue their rebound as the Fund finished the month almost 14% up YTD, its strongest start to a year since inception.
Equity markets experienced much welcomed relief rallies during January, having recovered from the shock of December.