April saw a notable recovery in global markets, with equities rallying as geopolitical tensions in the Middle East showed tentative signs of easing and investors regained confidence in the resilience of corporate earnings. Equity markets advanced broadly, led by the technology-heavy Nasdaq, which gained 15.3%. The S&P 500 followed with a 10.5% return, supported by stronger investor confidence and generally positive company earnings. European equities also participated meaningfully, with the Euro STOXX 50 rising 6.4%, while the FTSE 100 posted a more measured gain of 2.3%, restrained by its heavier weighting to defensive sectors and softer dynamics across non-energy commodities. Fixed income, by contrast, conveyed a more cautious tone. Despite the improvement in overall market sentiment, government bond yields drifted higher as investors recalibrated expectations around the timing of central bank rate cuts. The US 10-year Treasury yield rose by 5.4 basis points, while the UK 10-year Gilt yield climbed by 9.6 basis points, reflecting persistent concerns over inflation and elevated fiscal supply. In commodities, Brent crude oil extended its rally, advancing by 15.1% as supply concerns lingered following the prior month's disruptions, while gold edged lower by 0.7%, pressured by the firmer risk appetite and a more stable rate environment. In currency markets, sterling strengthened by 2.9% against the US dollar and appreciated by 1.3% against the euro.

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