April saw widespread volatility with most major global equity markets finishing the month down. The S&P 500, FTSE 100, and Euro STOXX 50 all finished down by 0.7%, 0.7%, and 1.1% respectively and measured in their local currencies. In contrast, the NASDAQ ended the month up by 0.9%. Markets were rattled by a surge of uncertainty after US President Trump unveiled his “Liberation Day” policies, with the market’s volatility gauge, the VIX, climbing to levels last seen during the pandemic. However, equities staged a partial recovery when Trump later announced a temporary 90-day halt on reciprocal trade tariffs for countries that had not retaliated. In fixed income, UK and US 10-year bond yields fell by 23 and 4 basis points respectively, both showing heightened volatility during the month. Both central banks remain on course for multiple rate cuts before the end of the year. Commodities saw mixed returns. Gold once again benefitted from the uncertainty reaching a new all-time high and finished the month up by 5.7%. Brent Crude oil ended the month down by 17.2%, its lowest level in four years, on the back of sharp escalation in trade tensions and the prospect of increased supply from OPEC+ countries. The pound appreciated by 3.2% against the US dollar, which came largely by virtue of a weaker US dollar rather than a stronger pound, evidenced by the devaluation of the pound by 1.5% against the euro.

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