With Juan Van Deventer
April was a quieter but more nervous month for markets. Ongoing tensions in the Middle East pushed oil prices higher and made investors more cautious. In Australia, the ASX 200 moved up and down through the month. It reached higher levels earlier on, but gave back some gains later as investors waited for more inflation news and clarity on interest rates. By the end of April, the market was close to flat overall. In the U.S., share markets performed better. The S&P 500 reached new highs during April, helped by solid company results, especially from large technology and AI‑related businesses.
What Moved the Markets – Australia
• Oil prices rose as tensions overseas continued, which helped Australian energy companies.
• Gold prices stayed well supported, and this helped local gold miners.
• Inflation remained high. March inflation came in at 4.6%, which kept pressure on interest rates.
• The RBA had already raised interest rates earlier in the year and stayed focused on getting inflation under control.
• Higher interest rates continued to weigh on areas like property and consumer spending.
What Moved the Markets – U.S. & Global
• Risks around the Middle East kept oil prices high and affected investor confidence.
• Higher oil prices raised concerns that inflation could stay higher for longer.
• This reduced expectations for interest rate cuts in the near term.
• Company results in the U.S. were generally good and helped support markets.
Even with global uncertainty, business earnings continued to be a key support for share prices.
Commodities & Defensive Assets
Oil: Prices moved higher during April due to supply concerns, before easing slightly toward the end of the month.
Gold: Prices pulled back a little but stayed high overall, as investors looked for protection during uncertain times.
Silver: Prices remained volatile and moved with both gold prices and expectations for global growth.
Market Snapshot – April 2026
| Market | General Move | What Drove It |
| ASX 200 | Flat | Inflation concerns and interest rate pressure |
| S&P 500 (US) | Higher | Strong earnings, led by tech |
| Oil (Brent) | Higher and Volatile | Middle East Tensions |
| Gold | Higher but mixed | Safe-haven demand |
| Australian Bond Yields | Volatile | Inflation and Rate Outlook |
What This Means for Investors
April showed that markets can still react quickly to news around inflation, interest rates and global events. This can lead to short‑term ups and downs. Higher oil prices increase the risk that inflation stays high, which may keep interest rates higher for longer. This can be challenging for rate‑sensitive investments. At the same time, strong company earnings — especially in the U.S. — suggest the broader economy is still holding up reasonably well.
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