April market update – continued positive momentum

Global equity markets continued their positive momentum in April after a good first quarter for market returns. The dovish policy pivots by most global Central banks – reflecting global growth concerns, a positive start to earnings season and an apparent thawing of trade tensions between the US and China – have all been supportive of the market rally and subdued volatility so far in 2019.

What happened in the markets?

• US equity markets rose to fresh highs in April, while European banks were notably strong over the month as bond yields rose
• The rise in bond yields resulted in negative monthly total returns for core government bonds, with UK gilts notably weak on stronger domestic data
• Credit markets performed better, particularly higher beta credit, highlighting the positive market conditions for risk assets and higher energy prices

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