April 2021

• Global markets advanced in April as strong corporate earnings, accelerating vaccinations and improving economic data supported investor confidence.
• U.S. equities reached repeated record highs amid robust fiscal stimulus and strong consumer demand.
• European markets benefited from improving reopening prospects and supportive central bank policies.
• Technology stocks stabilised following earlier volatility caused by rising bond yields.
• Emerging markets performed positively as global trade and commodity demand strengthened.
• Commodity prices continued rising due to strong manufacturing activity and reopening optimism.

Asia (ex. Japan)

Asian markets outside Japan advanced during April as strong export growth, improving global trade conditions and continued technology demand supported regional economies. Chinese economic growth accelerated significantly compared with pandemic-affected levels from the previous year.

Taiwan and South Korea continued benefiting from robust semiconductor demand, while broader Asian markets were supported by improving manufacturing activity and recovering consumer confidence.

Europe

European equities delivered strong gains during April as vaccination programmes accelerated across the region and governments outlined plans for easing restrictions during the summer months.

Cyclical sectors such as banking, industrials and luxury goods performed particularly well as investors increasingly focused on economic reopening and recovering consumer activity. The European Central Bank maintained highly accommodative policies throughout the month.

United States

U.S. equities reached additional record highs during April as strong earnings growth, extensive fiscal stimulus and improving employment conditions supported investor optimism. Consumer spending and manufacturing activity accelerated sharply as reopening progressed.

Technology stocks stabilised following earlier yield-driven volatility, while financial and industrial sectors continued benefiting from rising growth expectations and infrastructure spending proposals.

United Kingdom

UK equities performed strongly during April as reopening measures progressed successfully and economic activity recovered steadily following earlier lockdown restrictions.

Investor confidence improved significantly due to the rapid vaccine rollout and stronger domestic recovery expectations, supporting cyclical and consumer-focused sectors.

Japan

Japanese equities delivered modest gains during April as exporters benefited from improving global trade conditions and continued recovery in Asian manufacturing activity.

However, rising domestic coronavirus cases and slower vaccination progress compared with Western economies limited broader market optimism.

Emerging Markets

Emerging markets advanced during April as global growth expectations, rising commodity prices and improving trade conditions supported investor sentiment.

Asian economies remained particularly strong due to technology demand and export growth, while commodity exporters benefited from surging energy and metals prices.

Commodities

Commodity prices continued rallying during April as reopening optimism and strong manufacturing activity increased demand expectations globally. Oil prices remained firm due to improving mobility trends and controlled supply conditions.

Industrial metals, particularly copper, surged to multi-year highs due to infrastructure spending expectations and strong Chinese demand, while gold prices recovered modestly amid balanced inflation and interest rate expectations.