April 2025

• Global markets advanced in April as easing inflation trends and resilient corporate earnings supported investor confidence despite continued uncertainty regarding interest rate policy.
• Technology and artificial intelligence-related sectors remained dominant market drivers globally.
• Central banks maintained cautious guidance while signalling that gradual policy easing could still occur later in the year.
• Bond yields remained relatively elevated but stable across major developed economies.
• Chinese economic conditions continued stabilising following sustained government support measures.
• Commodity prices delivered mixed performance amid resilient demand and ongoing geopolitical uncertainty.

Asia (ex. Japan)

Asian markets outside Japan advanced during April as continued semiconductor demand and improving Chinese economic stability supported regional investor sentiment.

Taiwan and South Korea remained among the strongest performers due to sustained artificial intelligence-related technology investment, while Chinese equities benefited from additional policy support targeting domestic demand and property markets.

Europe

European equities delivered positive performance during April as moderating inflation and improving corporate earnings supported investor confidence despite subdued industrial growth.

Markets increasingly anticipated future European Central Bank interest rate cuts as inflation gradually moved closer toward policy targets across several economies.

United States

U.S. equities reached additional highs during April as strong technology earnings and resilient economic conditions continued supporting broader market performance.

Artificial intelligence-related investment themes remained key drivers of market momentum, while investors continued reassessing the likely timing of future Federal Reserve rate cuts.

United Kingdom

UK equities delivered modest gains during April as easing inflation and improving financial conditions supported domestic investor sentiment.

Economic growth remained relatively moderate overall, though improving consumer conditions and lower borrowing cost expectations provided support for several sectors.

Japan

Japanese equities remained strong during April as continued foreign investor inflows, strong exporter performance and technology demand supported market momentum.

The Bank of Japan maintained broadly supportive monetary conditions despite ongoing speculation regarding gradual future policy normalisation.

Emerging Markets

Emerging markets advanced during April as improving global liquidity conditions and stabilising Chinese growth expectations encouraged investor inflows.

Technology-oriented Asian markets continued outperforming due to sustained semiconductor and artificial intelligence-related investment demand.

Commodities

Commodity prices delivered mixed performance during April. Oil prices remained relatively firm due to geopolitical risks and balanced supply conditions.

Industrial metals stayed supported by improving manufacturing sentiment and infrastructure investment demand, while gold prices remained elevated amid geopolitical uncertainty and continued central bank buying.