March followed up the best two-month start for the S&P 500 in 32 years with a bow on top of the best quarter since Q3 2009. Global equity markets were led by the U.S. (1.8%), India (9.2%), and China (2.4%) but overall global equities (0.6%) where tempered due to weakness in Germany (-1.4%), Turkey (-14.9%), and Brazil (-3.8%). Oil moved sharply higher on the back of a strained global production backdrop (Venezuela, Iran, Saudi) while small caps and financials lagged—the latter due primarily to the late-March U.S. yield curve inversion.