April’s global markets faced turbulence due to trade and economic uncertainties. Discover how these factors impacted major economies, interest rates and commodity prices.
Introduction
Global equity markets experienced some choppiness in April as trade tensions and concerns about the health of the global economy persisted. Advanced data showed business activity slowed in many key economies, including the U.S., Europe and the U.K. Global inflationary pressures subsided. However, upward consumer price pressures could come amid extensive tariffs.
An advanced estimate showed the U.S. economy contracted at an annualized pace of 0.3% over the first quarter of 2025, while China’s economy grew by 5.4% year-over-year. Europe’s economy grew by 0.4%. The Bank of Canada (“BoC”) held its policy interest rate steady at its April meeting, while the European Central Bank lowered interest rates by another 25 basis points.
The S&P/TSX Composite Index finished higher over April, supported by the Consumer Staples sector. U.S. equities declined. The yield on the 10-year Government of Canada bond increased over the month, while the yield on 10-year U.S. Treasuries ticked lower. The price of oil declined amid demand concerns and rising production. The price of gold increased, reaching a new record high during April.
