2024 picked up right where 2023 left off, with global equity markets rallying on the back of better than expected economic and corporate earnings growth and optimism for central bank easing later in the year. Late in the quarter, the S&P 500, the STOXX Europe 600, and the Japanese Nikkei 225 reached all-time highs in unison, a rare
occurrence. Bonds were flat during the quarter as hotter than expected inflation data and commentary from Federal Reserve officials led investors to reset their expectations for both the timing and number of interest rates cuts this year. As a group, diversifying assets were slightly positive with strong gains from reinsurance offset in part by declines in private real estate.
