Financial assets had mixed fortunes during the first quarter. Global equities thrived, fuelled by a confluence of positive macroeconomic data and company-specific factors. Global bonds and domestic equities on the other hand had a tough quarter. Encouragingly, the macroeconomic landscape continued to improve, with resilient economic activity persisting and fundamental drivers of inflation weakening further. Central banks expressed satisfaction with progress made against inflation and signalled a willingness to shift towards a more accommodative monetary policy stance. We will explore these macroeconomic trends in greater detail later in this issue.