April proved to be a challenging month for global equity markets following persistent inflation data and shifts in interest rate expectations. Over the month, the DJIA, S&P 500, NASDAQ and Euro STOXX 50 all recorded negative returns of -4.9%, -4.1%, -4.4% and -2.2%, respectively and measured in their local currencies. In contrast, the UK’s FTSE 100 was up 2.7% over the month supported by the high allocation to energy and commodity companies in the index. In fixed income markets, yields on US, UK and German 10-year bonds rose by 48.0, 41.4 and 28.6 basis points, respectively driven by shifts in investor expectations around the timing and pace of changes to interest rates with central banks backpedalling on rate cut projections for this year. In commodities, Brent Crude oil was up 0.7% over the month due to the ongoing conflict in the Middle East. The pound was down 0.9% and 1.0% against the US dollar and euro, respectively.

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