Market & Portfolio Update: April 2026

Global share markets rebounded strongly in April, despite continued geopolitical uncertainty. US share markets recovered sharply from earlier losses, with the S&P 500 recording one of its strongest monthly gains in several years. The rebound came as investors reassessed the likelihood of more severe outcomes from the Middle East conflict and refocused on company earnings and longer‑term growth prospects.

Corporate earnings provided important support for markets. Across the US and other major regions, many large companies reported results that were stronger than expected, particularly in sectors linked to technology and infrastructure spending. This helped offset concerns about higher energy costs and ongoing geopolitical risks.

Central banks largely held interest rates steady during the month. Policymakers in the US and Europe chose to pause, balancing higher energy‑driven inflation against signs that economic growth is slowing. Future decisions were framed as data‑dependent.

In New Zealand, economic conditions remained mixed. Higher fuel prices added to near‑term inflation pressures, while the Reserve Bank of New Zealand kept the Official Cash Rate unchanged in April. The Bank highlighted uncertainty around global developments and is closely watching whether higher costs feed into broader inflation.