Cirilium Passive monthly commentary - April 2024

Developed market equities retreated 2.8% in the face of persistently robust US inflation data that forced investors to reappraise the likelihood of near-term interest-rate cuts. Emerging markets delivered modest gains driven by a resurgent China, which was the top performing regional market. Thanks to its high weighting to buoyant energy and commodity companies, the UK was the second-best performing regional market. In fixed-income markets, government bonds retreated due to the prospect of interest rates staying higher for longer, while corporate bonds delivered more muted losses.