Wealth Management Review - A month of non-consensus market moves
April caught many investors on the wrong foot. In particular, those who were posi-tioned to benefit from the broad consensus trends, lower bond yields, European eq-uity outperformance, lower commodities prices and a stronger USD were faced with vivid reversals of those trends. European equities sold off, global bond yields rose significantly, commodities prices recovered and the USD weakened. Meanwhile, the US economy,﷿which ﷿is﷿supposed﷿to﷿be﷿the﷿world’s﷿growth﷿engine, stalled with Q1 growth almost flat.
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