Investment Commentary – April 2015

April 1, 2015

The first quarter of 2015 witnessed a strong open as the announcement of European quantitative easing along with a multitude of supportive central bank movements drove equity markets. In total, twenty seven central banks cut their interest rates across the globe, with some on more than one occasion. Amongst the emerging market cohort, China, India and Russia all cut their benchmark lending rates twice in the first quarter, with Brazil the only BRIC constituent not to reduce rates. These clear commitments to economic stimulus outweighed irrepressible US Dollar strength and saw Emerging Markets outperform Developed Markets, with the MSCI EM Local +4.56% against the MSCI World’s +1.82%.


Investment Commentary April 15

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