April 2025 Market digest

Market overview for April 2025, including asset class returns.

Below are some key highlights from what happened in markets throughout April 2025:

• President Trump shook investors with his Liberation Day tariff announcements.
• US equity markets in particular fell, although the recovery had already begun by the middle of the month thanks to a delay in implementation of the tariffs. Bonds held up better than equity markets.

In our overview, we also provide market commentary to cover the past year to 31 March 2025.

Download now