March was a month that, on the surface, appeared relatively calm, but underneath revealed a market that continues to show resilience in the face of ongoing uncertainty.

Equity markets have not delivered explosive gains, nor have they shown meaningful signs of weakness. Instead, they have demonstrated a steady ability to absorb negative news and move forward, which is often a hallmark of a mature, late-stage cycle.

The FTSE 100 remained broadly supported, helped by energy and financial stocks, while US markets continued to hover near their highs, driven by a relatively small group of dominant companies.

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