The long-run expected total return for the Global Market Index (GMI) fell again in March, dropping to an annualized 6.9% vs. the previous month’s 7.1%. The analysis is based on three models (defined below) for GMI, a global benchmark that’s based on a market-value weighted mix of the major asset classes (excluding cash).
Monthly Archives: April 2025
Macro Briefing: 2 April 2025
New US tariffs are set to start today, according to the Trump administration. Analysts are hoping that the details will provide more clarity on the policy shift. This much is clear: the stakes are high. “The main channel from trade policy uncertainty to GDP is via business investment. Under higher trade policy uncertainty, future revenue streams of an investment become more uncertain, raising the option value of delaying investment decisions until the situation is clearer,” Oxford Economics analysts said in a research note.
Major Asset Classes | March 2025 | Performance Review
Commodities led widespread rallies in March for the major asset classes, based on a set of ETFs. US assets posted the only losses last month, with American shares leading on the downside.
Macro Briefing: 1 April 2025
Gold rose to another record high on Monday, increasing to $3,124 an ounce. The precious metal has rallied 19.1% so far in 2025.
