April in review
After a turbulent March, global equity markets found their footing in April with strong gains across most regions. Canadian equities rose 3.8%, led by Health Care (13.2%) and Financials (10.6%), while U.S. equities posted a strong recovery, climbing 10.5% on the back of gains in Communication Services (18.5%) and Information Technology (17.5%). Bond markets were more subdued, with Canadian and U.S. bonds each returning 0.1%. On the commodity front, oil prices surged (12.8%) while gold (-1.1%) and natural gas (-8.0%) declined. Emerging markets also saw notable gains, with South Korea's KOSPI index rising 30.6% as a temporary U.S.-Iran ceasefire eased energy concerns and strong foreign and institutional buying lifted major technology stocks.
Here are some of April's most notable events:
U.S.-Iran conflict triggers record oil supply disruption. The U.S.-Iran conflict shaped oil markets in April, causing what has been described as the largest oil supply disruption on record, cutting over 12 million barrels per day. Iran's closure of the Strait of Hormuz disrupted global shipping and pushed prices higher. A two-week ceasefire on April 8 briefly eased prices, but talks broke down and the U.S. imposed a naval blockade, sending prices back up. The International Monetary Fund (IMF) noted the war has reduced global oil supply by 13% and plans to downgrade its growth forecast. Separately, the United Arab Emirates announced plans to leave OPEC+ effective May 1, which could weaken the group's influence over global supply.
S&P 500 earnings season off to a strong start. By month end, nearly a quarter of S&P 500 companies had reported their first quarter results, with most companies outperforming expectations. 84% of companies earned more than analysts predicted, above the 5-year average of 78%. Overall, company profits grew 15.1% compared to the same period last year, marking six quarters in a row of double-digit growth. Technology, Financials, and Industrials led the way, while Energy and Health Care fell behind. Revenue growth also came in strong at 10.3%, with all eleven sectors reporting year-over-year gains.
| Index† | Change (%) | Index Level | ||
|---|---|---|---|---|
| 1 Mth | YTD | 1 Yr | ||
| Treasury Bill (FTSE Canada 60 Day T-Bill) | 0.18 | 0.71 | 2.48 | 192.24 |
| Canadian Bonds (FTSE Canada Universe Bond) | 0.12 | 0.35 | 1.63 | 1,204.02 |
| Canadian Equities (S&P/TSX Composite) | 3.81 | 7.93 | 40.16 | 33,964.33 |
| U.S. Bonds (Bloomberg U.S. Aggregate Bond, US$) | 0.11 | 0.07 | 4.06 | 2,350.38 |
| U.S. Equities (S&P 500, US$) | 10.49 | 5.69 | 31.02 | 7,209.01 |
| Global Equities (MSCI World, US$) | 9.64 | 5.84 | 29.71 | 4,660.70 |
| Emerging Markets (MSCI Emerging Markets, US$) | 14.74 | 14.61 | 47.50 | 1,600.21 |
| Currencies† | Change (%) | Exchange Rate | ||
|---|---|---|---|---|
| 1 Mth | YTD | 1 Yr | ||
| C$/US ($) | 2.46 | 1.06 | 1.60 | 0.7363 |
| C$/Euro (€) | 0.90 | 1.18 | -1.91 | 0.6277 |
| C$/Pound (£) | -0.37 | 0.09 | -0.44 | 0.5413 |
| C$/Yen (¥) | 1.12 | 0.95 | 11.24 | 115.340 |
| Commodities (US$)† | Change (%) | Price | ||
|---|---|---|---|---|
| 1 Mth | YTD | 1 Yr | ||
| Gold Spot ($/oz) | -1.05 | 5.05 | 33.32 | 4,629.60 |
| Oil WTI ($/barrel) | 12.78 | 84.30 | 83.43 | 105.07 |
| Natural Gas ($/MMBtu) | -7.95 | -19.35 | -29.91 | 2.77 |
†Total Return, as at April 30, 2026. Indices are quoted in their local currency.
Source: Bloomberg
Indices are not managed, and it is not possible to invest directly in an index.
Canada's labour market holds steady after a rocky start to 2026. Canada's labour market held steady in March, according to Statistics Canada. Employment rose modestly by 14,000 (0.1%), recovering some of the losses from the first two months of 2026, while the unemployment rate held at 6.7%. The unemployment rate remains below recent highs seen in 2025 but above pre-pandemic averages. Hiring activity remained slower compared to historical levels, and the participation rate was unchanged at 64.9%, down on a year-over-year basis.
Did you know?
On April 27, 2026, the Canadian government announced the Canada Strong Fund, the country's first national sovereign wealth fund. The fund will receive $25 billion in federal seed capital over three years and will be managed by a new, independent Crown corporation. It will invest in infrastructure, energy, critical minerals, technology, and other key sectors to generate long-term wealth for future generations. The government also plans to offer a way for everyday Canadians to invest directly in the fund and share in its returns.
Insights from our Portfolio Managers
Yet again markets reminded investors that recoveries can be just as sudden as selloffs. After March’s conflict-driven pullback, U.S. equities bounced back in April, with the S&P 500 reclaiming much of its Iran-related decline and edging back toward record territory. The rebound has been narrow and led by a handful of large U.S. growth names, while the “average” stock lags and questions around artificial intelligence (AI) spending and profitability continue to drive sharp sector swings.
Oil prices remain elevated as cease-fire talks ebb and flow, keeping inflation and rate expectations in focus but not yet derailing the growth outlook. Canadian markets have benefited from this backdrop, with the S&P/TSX Composite hovering near record highs thanks to Energy, Materials, and other commodity linked sectors. For diversified investors, April has been a clear reminder that regions and sectors can react very differently to the same global story – and that’s exactly where an active, multi asset approach can add value.
“Markets rarely move in straight lines. Our role is to look through the noise, stay focused on fundamentals, and tilt portfolios toward areas with durable cash flows and better entry points. That blend of diversification and tactical flexibility helps us navigate fast-moving headlines without losing sight of long-term outcomes.”
— Craig Maddock, VP & Senior Portfolio Manager, Head of Multi-Asset Management
