Market Review March

All that glitters is not just gold

March ended on a brilliant note. Central banks' accommodative rhetoric on future rate cuts, and in particular the SNB's surprise cut, enabled all asset classes to post strong quarterly performances. So it was not just gold that shone this month, but all asset classes. Equities are celebrating, even though Switzerland is still lagging behind the global indices due to the disappointing performance of a number of headline stocks.

The fall in interest rates had an immediate positive impact on bond performance. Swiss bonds were positive over the year, while global indices unfortunately lagged behind. Swiss real estate is continuing the recovery that began last November. The outlook is further boosted by the 25 basis point fall in the benchmark rate.

Commodities had a good month. Gold is beating its all-time highs and following the violent movements of crypto-currencies, which are also moving in a positive direction for investors.

The risk indicator remains in a low-risk zone. The commodities sub-index is slightly lower risk.

MAIN performances

XO Risk Aversion Index - Composite 250D

XO Risk Aversion Index - Components