April was a strong month for investors, with global markets up 7.0% despite ongoing geopolitical tensions. Concerns around the Middle East, including disruption to energy supplies and higher oil prices, remained in focus. However, markets looked through these risks, supported by improving corporate earnings and growing confidence in the global economy. A key driver of returns was renewed enthusiasm for technology and artificial intelligence (AI), which led a broad ‘risk-on’ rally. Investors shifted back into growth assets, particularly those linked to AI infrastructure and data centres. While equities performed strongly across most regions, bond markets were more mixed. Rising inflation expectations and higher oil prices created uncertainty around interest rates, influencing returns across fixed income.
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