Global equity markets finished lower over April amid geopolitical tensions, choppy inflation and expectations central banks might keep interest rates higher for longer. Global business activity was relatively muted in April, particularly manufacturing sector activity, which continues to struggle under the weight of relatively weak demand.

The S&P/TSX Composite Index finished lower over April, dragged down by the Real Estate and Industrials sectors. The Materials sector delivered a strong return in April, benefiting from higher gold prices. U.S. equities also fell, marking their first monthly decline in 2024. Yields on 10-year government bonds in Canada and the U.S. increased. The price of oil posted a small decline in April. Still, it is up over 2024, adding to concerns about inflationary pressures.

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