Courtiers Wealth Management
Courtiers Wealth Management

News & Insights

May 2024 – Market Update 


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Global equity markets had their most volatile month of the year so far in April as tensions in the Middle East and continued speculation over interest rates impacted returns.

In contrast to recent trends, the US market was among the worst performers during the month as US inflation data came in hotter than expected, fuelling fears that the Federal Reserve may delay rate cuts for longer. The S&P 500 index declined over 4% during the month and the VIX index, which tracks the implied volatility in the US equity market, reached its highest level since October 2023. US treasuries also suffered a knock with the 10-year yield rising from 4.20% to 4.68% during the month.

Meanwhile the UK equity market was among the better performers as the FTSE 100 index posted a gain of 2.7%, aided by exposure to commodities and encouraging domestic data. Inflation measured by the Consumer Prices index receded to its lowest level since September 2021 and the UK Composite PMI, which tracks manufacturing output and services business activity, saw positive performance for the sixth consecutive month and grew at its fastest rate since April last year.

Full round-up of April market performance

In the UK, the FTSE 100 index gained 2.72% while medium and smaller companies, measured by the FTSE 250 ex IT index and the FTSE Small Cap ex IT index respectively, picked up 0.50% and 3.97%. In the US, the S&P 500 USD index fell 4.08% while in Europe the Eurostoxx 50 EUR index declined 2.25%. Japanese stocks measured by the Topix JPY index dropped 0.91%.

Emerging markets returns were mixed, with the MSCI Emerging Markets index rising 1.42% in local currency terms. Latin American equities, measured by the MSCI Latin America local currency index, slipped 0.87% while Indian stocks measured by the Nifty 50 INR index rose 1.24%. Chinese stocks measured by the MSCI China CNY index jumped +6.52%.

In the fixed income market, UK Government bonds, measured by the FTSE Gilts All Stocks index, fell 2.90% with long-dated (over 15 years to maturity) gilts shedding 5.69%. Sterling denominated corporate bonds, measured by the Markit iBoxx Sterling Corporates index, declined 1.87%. In the high yield market, the Bank of America Merrill Lynch Sterling High Yield index conceded 0.10%.

In the commodities market, the S&P GSCI USD index, which consists of a basket of commodities including oil, metals and agricultural items, rose 1.16%. Brent crude oil futures slipped 1.49% during the month. In the precious metals markets, the S&P GSCI Gold and Silver indices rallied 3.38% and 6.44% in USD respectively, while in the agricultural markets as corn and wheat futures returned -0.57% and +4.42% in USD respectively.

In the currency markets, it was a mixed month for the pound as it depreciated 1.05% versus the US dollar but climbed 0.09% against the euro and 3.19% versus the yen.

Important information

Past performance is not a reliable indicator of future returns. The value of investments, and the income from them, can go down as well as up and is not guaranteed and you may not get back the amount originally invested. Any forecast, projection or target where provided is indicate only and is not guaranteed in any way. Certain types of funds might carry a greater investment risk than other investment funds. Further details of the risks are associated with investing in Courtiers funds can be found in the Key Investor Information Document or Prospectus, copies of which are available on request or at


This communication is for information purposes only and should not be relied upon in making an investment decision. The views expressed by individuals and the business are based on market conditions at the date of issue and are subject to change without notice. The mention of any stocks or shares should not be taken as recommendation to deal and does not take into account the individual investor’s investment objective or risk profile. Where an investment or security is denominated in a different currency to the investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. Any third party sites, or pages which are linked to the document, have not been reviewed by us and therefore we accept no responsibility for the authors or content of external link or pages. If you are interested in any of Courtiers Asset Management Limited’s range of funds, or require any financial advice, please speak to a financial adviser.

Issued by Courtiers Asset Management Limited, CAM0423945. Courtiers Asset Management Limited is Authorised and Regulated by the Financial Conduct Authority – Register No: 616322. Address: 18 Hart Street, Henley on Thames, Oxfordshire RG9 2AU. Tel: 01491 578368.

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