April 2024 Market update

Global share markets continued to rise strongly in March, fuelled by improving growth numbers from the US and a dovish central bank. European share markets were notably strong as economic data in services industries bounced back toward expansionary levels.
Australia share markets were very strong, rising for 5 months in a row and returned 3.3% over the month. Regardless, our domestic market has lagged the global market this year, it is trading at above historic average valuation levels, and earnings remain lacklustre.
Bond indices gained on average as interest rates moved sideways and credit spreads compressed. Despite supportive language form the US Federal reserve (the Fed), the short-term risk is that rate cuts are pushed further out, and government bond yields rise further.