Global markets lost nearly $8 trillion in value in March
Any investor who got through March 2020 will have a story to tell their grandchildren. The turmoil in global stock markets last month will be remembered as one of the most significant market events in history.
“U.S. equities posted their worst quarter since 2008, with the S&P 500 down 20% and smaller-caps performing even worse,” notes Chris Bennett, Director, Index Investment Strategy at S&P Dow Jones Indices (SPDJI). “The S&P Europe 350 fell 14% in March to complete a 22% drop in the first quarter, the worst monthly and quarterly performance since September 2002. Very few countries have limited the losses to single digits this month, and March will be the worst month since October 2008 for the S&P Global BMI.”
In total, nearly $8 trillion was shaved off the market capitalisation of equity markets worldwide.
“Global markets are down $7.88 trillion for the month, down $14.88 trillion from the high of 19 February, and up $6.07 trillion from the recent low of 23 March,” according to SPDJI.
As the table below shows, even though markets around the world have generally recovered from their lowest points, the losses sustained are still extreme. Only Japan, Switzerland, Hong Kong and China finished the month better than 20% down from their 2020 highs.
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