Geopolitical relief drives broad rally; energy alone refuses to participate.
For holders of diversified equity, today's session was a reminder that a single geopolitical headline can reprice risk premia faster than any earnings revision — but the durability of that repricing is precisely what the committee cannot yet confirm.
A broad risk-on session lifted 11 of 12 sectors on March 31, led by Technology (+4.68%), Materials (+3.89%), and Industrials (+3.84%), with the move widely attributed to geopolitical de-escalation hopes that compressed oil prices and relieved cost pressure across the economy.
Since the last briefing
Yesterday's primary reading was Structural Pressure: yields steepening, defensives leading, high-multiple technology under further strain, with the committee favouring regulated cash-flow names like EVRG and WM over speculative AI infrastructure.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.