April 2026 felt surprisingly constructive for global financial markets. Equities rallied as investors rotated back into AI-linked growth stocks, with semiconductor-heavy Asian markets especially strong. At the same time, Middle East tensions kept energy prices elevated, sustaining worries about inflation and complicating the outlook for central banks. Bonds were mixed:
The defining global macro theme was the inflationary energy shock caused by geopolitical tensions, which delayed expected monetary easing across many major economies. Download PDF
Surging oil prices, shipping disruption, and renewed inflation fears set the tone for equities, bonds, currencies, and global rate expectations. Download PDF
Middle East conflict triggers global oil shock, accelerating inflation pressures and weakening growth outlook across all major economies. Download PDF
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By anyone’s standards the first three months of 2026 have been an extraordinary roller coaster of geopolitical posturing and market volatility. For all the headlines, one might be surprised that global equities were ‘only’ down 3.5% for the period, and US treasuries were flat. Were you not looking under the
The first quarter of 2026 marked a notable shift from the relatively supportive conditions seen through much of 2025. Markets entered the year with optimism, underpinned by easing monetary policy, improving global manufacturing data, and resilient corporate earnings. However, this constructive backdrop was increasingly challenged - and ultimately overshadowed -
Here is the NDL Fund Insight for April 2026. Download PDF
Global markets were dominated by a geopolitical energy shock from the US–Iran conflict, driving inflation risks, growth downgrades, and volatility, temporarily offset by a ceasefire-triggered risk rally, but leaving a fragile and uncertain macro outlook. Download PDF