Global equities delivered strong returns through the quarter, with developed markets up close to 9.6% in sterling. US indices led the way, driven by renewed momentum in large-cap technology names. The S&P 500 gained around 10.4%, while the Nasdaq Composite, with heavier tech exposure, rose roughly 13.8%. Emerging markets kept pace, returning about 13%.
Major technology firms, particularly those central to AI infrastructure, regained control of market direction. Nvidia was a standout, with year-on-year revenues up 56% to US$47 billion and earnings per share rising 54%. Management signalled ongoing capital investment and deeper integration with key AI platforms, reinforcing their central role in current tech capex trends.
The US Federal Reserve reduced rates by 25 basis points and signalled that further easing could follow. While inflation risks are not off the table, the shift added fuel to risk assets. The European Central Bank also raised its growth outlook for the first time since early 2024, adding to the sense that the macro backdrop is stabilising.
Commodities, especially precious metals, saw renewed investor interest. Gold rose over 19%, silver over 30%, and mining equities surged close to 50%. The drivers included rising demand from the energy transition, persistent supply limits, and ongoing accumulation by central banks.
TEAM plc (LON:TEAM) is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.
