Global stock markets have recorded their best first-quarter performance in five years, buoyed by hopes of a soft economic landing in the US and enthusiasm about artificial intelligence.
An MSCI index of worldwide stocks has gained 7.7 per cent this year, the most since 2019, with stocks outperforming bonds by the biggest margin in any quarter since 2020, even as traders scale back their expectations for rapid interest rate cuts.
The charge has been helped by the S&P 500, which has closed at a record high on 22 separate occasions during the quarter.
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