In what proved to be another volatile week for global markets, a strong mid‑week rebound helped most major equity indices finish in positive territory. Sentiment remained heavily influenced by mixed signals from the White House, with President Trump first hinting at a willingness to scale back military operations in Iran before later suggesting that further strikes could be authorised in the weeks ahead. The uncertainty kept markets on edge, though the shortened Easter trading week contributed to some moderation in volumes. US equities nevertheless advanced across the board. The S&P 500 closed Thursday with a +3.0% weekly gain, while the technology‑heavy Nasdaq outperformed, rising +4.4% (both in dollars). The improvement in risk appetite was mirrored in government bond markets, where Treasury yields drifted lower, with the 10‑year yield falling by nine basis points to 4.35%, offering a modest tailwind to duration‑sensitive sectors.

Europe followed a broadly similar pattern, with equity markets posting solid gains across most major indices. The MSCI Europe ex‑UK index advanced +3.6% over the week (in euros), supported by particularly strong performance in Italy, while in the UK the FTSE 100 rallied +4.7%, reflecting the generally firmer tone across developed‑market equities. This came despite a sharp jump in Eurozone inflation for March, driven largely by the closure of the Strait of Hormuz and the resulting surge in energy costs, an unwelcome development for policymakers already wary of renewed price pressures. Asian markets were more mixed, reflecting the region’s deeper reliance on Middle Eastern energy. Indian markets were notably volatile, prompting the Reserve Bank of India to step in to help stabilise the rupee after a bout of pronounced weakness. In China, the Shanghai Composite slipped –0.5% (in renminbi) despite upbeat PMI figures, while Japan’s Nikkei 225 fell –0.5% (in yen) as hopes for de‑escalation in Iran receded.

Commodity markets also saw meaningful moves over the week, with oil and gold diverging as geopolitical uncertainty persisted. Brent crude fell -4.0% to $109 a barrel, easing back as traders assessed the likelihood of a temporary lull in Middle East tensions, even as supply risks remain elevated. In contrast, gold advanced +3.2% to $4,672 an ounce, attracting renewed demand as investors sought stability amid ongoing geopolitical strains and choppy equity markets.

SJP Approved: 07/04/2026

Past performance is not indicative of future performance.

The value of an investment with Rowan Dartington may fall as well as rise. You may get back less than the amount invested.

The value of investments may fall as well as rise purely on account of exchange rate fluctuations. The information contained does not constitute investment advice. 

Full advice should be taken to evaluate the risks, consequences, and suitability of any prospective investment. Opinions provided are subject to change in the future as they may be influenced by changes in regulation or market conditions. Where the opinions of third parties are offered, these may not necessarily reflect those of Rowan Dartington.

FTSE Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE Russell®” is a trademark of the relevant LSE Group companies and is used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data, and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor, or endorse the content of this communication.

MSCI Source: Certain information contained herein, including without limitation text, data, graphs, charts (collectively, the “Information”) is the copyrighted, trade secret, trademarked and/or proprietary property of MSCI Inc. or its subsidiaries (collectively, “MSCI”), or MSCI’s licensors, direct or indirect suppliers or any third party involved in making or compiling any Information (collectively, with MSCI, the “Information Providers”), is provided for informational purposes only, and may not be modified, reverse-engineered, reproduced, resold or redisseminated in whole or in part, without prior written consent.

S&P & Dow Jones Source: © S&P Dow Jones LLC 2025. All rights reserved.

Rowan Dartington is a trading name of St. James’s Place Investment Management Limited which is part of St. James’s Place PLC. St. James’s Place Investment Management Limited is a member firm of the London Stock Exchange and is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 02752304 at St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom.