March 2026

• Global markets delivered mixed performance in March as investors balanced resilient economic growth against concerns regarding elevated equity valuations and slowing manufacturing activity.
• Technology and artificial intelligence-related sectors continued outperforming broader global markets.
• Central banks maintained gradual monetary easing policies as inflation remained broadly contained.
• Bond yields remained relatively stable despite improving economic confidence.
• Chinese economic growth continued stabilising following ongoing fiscal and monetary support measures.
• Commodity prices strengthened modestly amid improving industrial sentiment and geopolitical risks.

Asia (ex. Japan)

Asian markets outside Japan advanced during March as continued semiconductor demand and improving Chinese economic conditions supported regional investor sentiment.

Taiwan and South Korea remained strong performers due to sustained artificial intelligence infrastructure investment, while Chinese equities benefited from improving consumer activity and stabilising credit markets.

Europe

European equities delivered relatively positive performance during March as easing monetary policy and improving financial conditions supported investor confidence.

Consumer and financial sectors performed steadily despite ongoing weakness in manufacturing activity across parts of the eurozone.

United States

U.S. equities experienced periods of increased volatility during March as investors reassessed elevated technology sector valuations following extended gains.

However, strong corporate earnings and continued artificial intelligence-related investment momentum continued supporting broader market performance.

United Kingdom

UK equities advanced during March as easing inflation and improving consumer confidence supported domestic financial conditions.

Lower borrowing costs continued benefiting housing and consumer-focused sectors, while broader economic activity remained relatively stable.

Japan

Japanese equities remained strong during March as exporters and technology-related companies benefited from resilient global demand and continued foreign investment inflows.

Investors continued monitoring gradual Bank of Japan policy normalisation while maintaining confidence in Japanese corporate profitability trends.

Emerging Markets

Emerging markets delivered positive performance during March as improving global liquidity conditions and stabilising Chinese growth supported investor appetite for higher-risk assets.

Technology-focused Asian economies continued outperforming due to sustained semiconductor and artificial intelligence-related investment growth.

Commodities

Commodity prices strengthened modestly during March as improving industrial sentiment and stable global demand supported energy and raw materials markets.

Industrial metals benefited from infrastructure and technology investment activity, while gold prices remained elevated due to geopolitical uncertainty and continued central bank demand.