Global equities continued their positive momentum in March, but returns varied greatly across regions and sectors. In local currency terms, performance was led by European equities (+6.8%) and Japanese equities (+5.0%), but much of these gains were eroded for US dollar investors due to a strengthening dollar. Markets seem to have downplayed new waves of Covid-19 in Europe and its resulting economic restrictions, as Eurozone manufacturing PMI data grew at its fastest pace on record since 2006.
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