FIMARGE Funds and SICAVs

March brought a shift in tone across global markets, with growing expectations of monetary easing in Europe and continued resilience in equities. EUR-denominated treasuries saw moderate gains as the ECB signaled a dovish turn, pushing 10y Bund yields lower from 2.45% to 2.33%. Investors moved into duration, anticipating rate cuts by mid-year, while spreads on peripheral sovereigns remained steady. Global equities were mixed but held firm overall. The US market advanced modestly on strong tech earnings, while Europe’s Stoxx 600 gained slightly, led by cyclicals. In contrast, emerging markets lagged, pressured by softer Chinese data and renewed US-China trade tensions. Credit spreads were broadly stable. Euro IG names tightened slightly, supported by solid fundamentals and low issuance. HY spreads widened a bit in Europe as caution returned amid softening growth data, though no signs of stress emerged. Investors largely stayed focused on central bank guidance and macro trends, positioning cautiously for a potential policy pivot in the 2Q.