“Most ball games are lost, not won.” – Casey Stengel
Market commentary
Global markets fell sharply in March as Donald Trump’s April 2nd “Liberation Day” loomed large. US markets led the drop dragging the MSCI World Index down by -4.4%. When the new U.S. trade tariffs were revealed, they were much steeper and more sweeping than most pundits had expected, sending markets around the world into a tailspin.
Tech stocks have so far borne the brunt of the selloff with the Nasdaq down more than 10% in the quarter while the Magnificent 7 (green line below) are down on average 25% year-to-date compared to the European Stoxx 600 Index (purple), which is down barely 2%.