April 2024 Update

Making The News

The MSCI Emerging Market index +0.4%, fared significantly better than it’s Developed Market counterpart in April as the momentum in Chinese shares seems to have shifted (Hang Seng China Enterprises Index +8%) after three years of dismal share price performance. Commodity prices were generally firmer in April, particularly industrial metals (Bloomberg Industrial Metals Index +13.4%), with prices buoyed at least in part by new restrictions imposed on the trading of Russian aluminium, copper, and nickel, which can now no longer be used to settle trades on the London Metals Exchange, where global benchmark prices are set. Dollar Index +1.7%, supported by higher US rates and general risk aversion, particularly amid escalating geopolitical tensions between Israel and Iran. The rand strengthened against the US dollar (+0.5%), finding itself alongside the Chilean peso as one of only two major currencies to strengthen against a generally strong US currency in April.