* Economists see two-speed growth outlook for global economy with US leading
* Global Manufacturing PMI rose to 10-year high in March
* European Union’s credibility at risk after bloc’s mistakes during pandemic
* China puts new limits on foreign banks’ business operations in the country
* US construction spending fell in Feb, probably due to unusually cold weather
* Inflation pressures building in the US manufacturing sector
* US jobless claims were higher than expected last week
* ISM Manufacturing Index rose to a 37-year high in March:

In this issue:

• A good for week equities
• Our portfolio strategy benchmarks continue to rebound

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US real estate investment trusts (REITs) topped returns for the major asset classes in March, rising 4.4%. The gain follows a second-place rally in February for domestic property shares.

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* Biden outlines $2 trillion infrastructure plan
* Businesses voice opposition to Georgia’s restrictive changes in voting laws
* China manufacturing growth slowed to softest pace in nearly a year
* Eurozone mfg output accelerated to record high growth in March via PMI data
* US pending home sales fell sharply in Feb due to lowest supply in history
* Chicago PMI, a regional economic indicator, rose in March to highest since 2018
* US dollar’s share of global reserves falls to 25-year low
* US companies added jobs in March at fastest pace since September:

Introducing A New Strategy: Global Momentum

Starting with the next update of our proprietary strategies, Global Momentum (G.B16.MOM) will join the party. In line with the other two prop strategies, G.B16.MOM will use our standard 16-ETF opportunity set that spans the major asset classes on a global basis. The difference: G.B16.MOM will use price momentum as a risk-management tool (vs. return volatility and drawdown for the other two strategies).

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Despite a general rise in global markets over the past year, the well never runs dry in the search for out-of-favor assets. Whether these assets are value traps or opportunities is the enduring question. But at least we have a good starting point: trailing 5-year returns.

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* Biden’s plan aims for major boost of gov’t spending as share of US economy
* Here are details of Biden’s $2 trillion infrastructure plan set for release today
* Buildup of Russian forces near Ukraine border ‘concerning,” says US official
* US 10-year Treasury yield on track for 3rd straight quarterly rise
* China’s services and manufacturing sectors post stronger growth in March
* China’s currency set for biggest monthly decline vs. US dollar in over 1-1/2 years
* Political and health crises rock Brazil, South America’s largest economy
* UK GDP increased more than expected in Q4
* US Consumer Confidence Index jumps in March to one-year high
* US home prices up 11.2% in Jan vs. year-ago level–fastest gain in 15 years:

Last week we wondered if a change in sector leadership was brewing for US equities, based on a set of exchange traded funds. Among the leading candidates, we mused: Consumer Staples Select Sector SPDR (XLP). The future’s still unclear (as always), but after XLP’s strong gain yesterday, building on last week’s solid rally, the possibility that staples are moving to the fore after posting lagging results remains an intriguing possibility.

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* Biden focuses on reversing economic disparity in next major policy agenda
* CDC director sees rising risk of a new surge in Covid-19 cases
* Pfizer, Moderna COVID-19 vaccines highly effective after first shot, study shows
* China moving toward building alliance of autocracies
* Is China starting to export inflation to the global economy?
* Suez Canal traffic moving again after ship blocking waterway is freed
* 10-year Treasury yield at 1.77% in early Tuesday trading–14-month high
* Texas factory activity accelerated in March, Dallas Fed reports
* US Dollar Index rises to 4-1/2 month high:

Property shares in the US topped returns for last week’s mixed results for the major asset classes, based on a set of exchange traded funds through the close of trading on Friday, Mar. 26.

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