Global Market Commentary : April 2024

  • icon-jam13 May 2024
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Global Market Commentary : April 2024

Changing Landscape


In April 2024, the global equity market experienced significant shifts compared to March. The release of US inflation data played a crucial role in this transformation. The US inflation rate surged to 3.5% yoy, surpassing both the previous rate of 3.2% yoy and the market consensus of 3.4% yoy. This inflationary pressure was driven by a robust job market, highlighting the strength of the US economy. As a result of these data, expectations regarding Federal Reserve rate cuts for the year had to be recalibrated. Initially anticipated for mid-year, the rate cut is now expected to occur later, pending further confirmation from the Fed that the elevated rate needs adjustment.

Geopolitical tensions in the Middle East further impacted the market. The escalating conflict between Israel and Iran led to anxiety, particularly as commodity prices, including oil, approached USD90 per barrel. Investors feared a resurgence of inflation, prompting speculation that the Fed might adopt a hawkish stance. However, despite ongoing geopolitical risks, the escalation eventually subsided.

The positive first-quarter results from major US companies served as evidence of a robust economy. Our recommendation to investors is to remain invested despite market volatility. We anticipate a sideways market until US economic data weakens and The Fed provides clarity on its monetary policy pivot.


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The opinions expressed in the article are for general informational purposes only and are not intended to provide specific advice or recommendations for individuals or specific mutual fund or investment products. It is intended solely to provide education about the financial industry. Views reflected in the content may change at any time without notice. All performance data and investment returns mentioned in this article cannot be used as a basis for calculation to buy or sell a mutual fund. This data is performance records based on historical data and is not a guarantee of future mutual fund performance. Investment through mutual funds carries risks. Investors are required to read and understand the prospectus before deciding to invest through mutual funds.

Written by

Willy Gunawan

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