Markets summary - April 2024

Share markets declined in April as geopolitical risks took to centre-stage. Iran launched a drone and missile strike on Israel and Israel returned fire with missile attacks on Iran as global leaders urged both nations to simmer tensions. US manufacturing output saw a rebound, with the “ISM” manufacturing index printing over 50 (threshold between expansion and contraction) for the first time since late 2022. The Westpac Consumer Sentiment dipped as consumers remain squeezed by high interest rates and elevated inflation. US and Australian headline CPI prints for March were ahead of expectations (+3.5% and +3.6% respectively), paring investor expectations of the timing and number of rate cuts to come. Major global central banks kept interest rates on hold during March.

DISCLIAMER The above is intended as general market commentary only and is not intended as, and does not constitute, advice of any kind. No liability is accepted for any action taken based on the above or for any loss suffered as a result of reliance on the same.