A strong performance from US and Asian stocks has helped push global equity indices to their strongest start to a year since 1998.
Some indices are enjoying their biggest rally since 2009 as investors start to take on more risk.
The FTSE World index has climbed 11% since January 1, which is its best quarterly performance since September 2010 and the best start to the year since 1998, the Financial Times reports.
The US market has been bolstered by strong gains for banks and technology stocks, with the 50% hike in Apple's shares alone accounting for 14% of the S&P's 12% rise. Its blue-chip Dow Jones Industrial Average finished the quarter up 8.2%.
Meanwhile, the MSCI Asia Pacific index has risen 13.5% since the start of the year. Japanese stocks have been the top performers, with the Nikkei 225 up 19.3%, as exporters benefited from the weakening of the yen against the dollar.
The FTSE 100, however, is only up 3.7% this year. In contrast, Greece's stock market has gained more than 7% after falling over 60% in 2011.
"People realised they were pricing in Armageddon last year, and risk aversion has now been reversed," Bob Doll, chief equity strategist at BlackRock, told the FT.
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