Market update

Global equity markets maintained their strong momentum in May, recovering from March lows.

April saw markets rebound as investors embraced risk despite Iran tensions, supported by strong earnings, AI momentum, and an economy absorbing higher energy costs well.

In our April Investment Market Update, we take a brief look back at the contrasts seen in Q1 across markets. The launch of the attacks on Iran ended much of the optimism that had previously been thriving with equity markets falling sharply.

Geopolitical tensions have risen sharply reaching their highest level in over 20 years just two months into the year.

Despite high-profile geopolitical events and headline risk, global markets started 2026 on a resilient footing, supported by solid economic fundamentals and growth momentum.

2025 will be remembered as a year in which uncertainty and strong investment performance were not mutually exclusive.