After a challenging year in 2022, global equity markets generated positive returns during the first quarter of 2023 with all major geographic regions in the green. The S&P 500 was up 7%, the STOXX Europe 600 index climbed by 7.8%, the Nikkei 225 increased by 7.5%, and the Emerging Markets collectively generated a positive return of 4%. Some of the factors driving these returns include falling inflation, better than expected economic data in the U.S. and Europe, as well as enthusiasm related to the reopening of China’s economy.