Markets broadly continued their upward trend in April, extending the rally witnessed since the bottom in mid-February. The rises were much less dramatic than in March, however, and markets more mixed.

The MSCI World index gain of 1.6% in US dollars came in no small part from currency moves; the trade weighted dollar index fell a further 1.6% in the month, taking it to its lowest since early 2015. The year-to-date decline of the greenback is now 5.6%