Market Commentary April 2023

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April was a positive month for global economies as economic data demonstrated resilience against high interest rates and strong inflation. Some major developed countries are starting to see the impact of the interest rate hikes, with inflation beginning to fall in the US and Eurozone. Whilst falling energy prices have helped these markets, the UK is yet to see the impact of this due to a lag from the energy price cap.

Developed markets had a strong month in April with the UK FTSE All-Share returning 3.4%, followed by Japan TOPIX at 2.7%. Europe and the US also posted positive returns of 2.3% and 1.6% respectively. Conversely, Emerging Markets and Asia ex-Japan returned negative results for the month. Globally, bond markets had a relatively neutral month; investment grade performed best at 1.2% whilst European Government bonds fell by 0.1%. 


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