Cotswolds: 5 April
It has been an extraordinary quarter for global equities. With the US threatening to return to acceptable growth, its equity markets rose by 12% with the Nasdaq, on the back of a breathtaking performance from Apple, adding the best part of 20%. Europe, despite its woes, has kicked in profits, as has Japan's Nikkei, up 11% in the same period. By comparison the FTSE 100 only added 3.5% with some of our banks, utilities and international mining stocks tending to underperform the marketplace.