Monthly report
Equities rally on as bond markets re-check policy rate expectations
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Overview
Global stock and bond market performance continued to diverge in February. Equity returns were broadly positive. In the US, UK and Europe, long yields rose as markets further moderated their expectations for the timing and size of policy rate cuts. The yield rise challenged long-duration bonds and rate-sensitive sectors. Sustained geopolitical tensions remained supportive of the USD and crude oil.
Key highlights:
- Global asset classes – Equity rally continues; rate-sensitive segments struggle
- Global equities – US and Japan outperform; China rebounds
- Industry returns – Cyclicals lead
- Alternative indices – REITs underperform
- Factor performance – Momentum and Quality outperform
- Foreign exchange – USD appreciates broadly
This report provides actionable insights on global performance across asset classes, regions, currencies, industries and styles, using proprietary month-end data from our flagship index families.
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