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International Market Commentary: March 2013
The significant rise in world equity markets since the latter half of last year continued into the first half of March but petered out in the second half, with the MSCI World index up 2.1% for the month after being flat for February and up 5% in January. It should be noted that much of the March gain was due to strong performance in Japan and the US, as well as smaller contributions from the three largest European markets (Germany, UK, and France). However, many other major markets, including China, Brazil, Russia, India, Australia, and Canada, were down, with the BRIC countries in particular suffering the worst declines.
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