- A US-Iran ceasefire and strong first-quarter company results boosted shares in April. Companies’ profits rose faster than their share prices, so valuations moderated.
- Inflation is rising, but central banks are keeping interest rates on hold until a clearer picture emerges of the effects of the Middle East war.
- Mindful of risks in both stocks and bonds, in Europe and in the US, we continue to grow the diversifying strategies that we first introduced in early 2026.
