Indexes suffer double-digit losses for first quarter

Regional equity indexes lost about 20% in the first quarter, as the coronavirus pandemic battered stock markets.

The latest index update by S&P Dow Jones Indices showed emerging markets suffered the most, with a 26% drop in the S&P Emerging Broad Market index for the quarter through March 30. The S&P Developed Broad Market index fell 21.4% for the same period.

The S&P Europe 350 index fell 22.4% for the quarter through March 31, the worst quarterly performance since September 2002. The index also posted its worst single-day fall ever, dropping 11.6% on March 12.

The S&P United Kingdom index dropped 23.9% for the same period.

U.S. equities, tracked by the S&P 500 index, fell 18.3% through March 30.

"The first quarter was marred by global pandemic fears as COVID-19 spread rapidly across Europe," said a commentary accompanying the data Wednesday. "Italy, then Spain and shortly thereafter most of the remainder of the continent was locked down in order to slow the spread of the virus."

By sector, financials suffered the most with a 33.2% drop for the S&P Europe 350 Financials index. The S&P Europe 350 Energy index fell 32.8%, with S&P DJI noting that the pandemic "did little to abate an oil price war between Saudi Arabia and Russia, which has driven crude prices down to multi-decade lows."

On the European fixed-income side, the S&P Eurozone Investment Grade Corporate Bond index lost 5.3% for the quarter through March 30. The S&P Eurozone Sovereign Bond index gained 0.9%.