Creation Commentary - April 2023

Global equities eked out a modest 0.2% gain in April. Losses in China, which undermined Asian and emerging market equities, and a small decline in US equities due to the strength of sterling, were mostly balanced by strong returns from Europe with UK equities once again proving to be the top-performing region. Meanwhile, the banking sector continued to creak, particularly in the US, with the Federal Reserve (Fed) tempering short-term expectations for the US economy.