Roller-coaster first quarter ends with dollar under pressure and stocks flat

Equity markets worldwide fell for the first time in four days yesterday, the final day of a roller-coaster first quarter that has hammered the dollar and the pound but has proven the best in decades for gold and bonds. March was closing out on a subdued note after a volatile quarter that saw investors vacillate between calm and panic. Oil prices, the source of much concern throughout the quarter, were a touch higher as investors looked for clarity over a possible agreement by major oil-producing nations to reduce supply. The dollar hovered near seven-week lows against the euro. It has fallen this week on reduced expectations for near-term interest rate hikes from the US Federal Reserve, particularly after comments from Fed Chair Janet Yellen. US oil futures rose 1.3 per cent to $38.82 a barrel, rebounding somewhat after another report of record US stockpiles, while China was put on a downgrade warning by S&P. Wall Street was sleepy one day ahead of key monthly labour market data. In the span of three months, the S&P 500 erased a 11 per cent fall – one of its worst-ever starts to a year – and is now set to end the quarter with modest gains. The S&P 500 gained 0.11 per cent, to...

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