Summary

• Global share markets rose over February and were notably strong in Asia as Chinese markets bounced sharply from very oversold conditions, and the US technology sector led by Nvidia and the AI boom. Most bond, credit and real asset markets were flat to down, consistent with rate movements.
• Bond yields rose as sticky inflation concerns mounted – the market priced out over half of the seven US rate cuts previously priced for 2024. Australian rates are lower and less aggressively priced than the US, where one out of two cuts have been priced out this month. Regardless, most major central banks are continuing to lean more dovish, notably in Europe.
• US earnings season has been strong with notable outperformance and earnings growth from technology stocks. The US market delivered over 10% earnings growth in the December quarter (year-on-year), all of which came from technology.

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