The real worry is how little markets have changed, not how much
The past month was one of the most profound and dramatic in the history of capital markets. Yet, they are back to where they started. How is that possible?
April is now behind us, and the major sharemarket indices are just about back to where they started. That is remarkable, given the trauma of Donald Trump’s tariffs, which ushered in a new world of protectionism, de-dollarisation and an apparent desecration of financial market stability.
Still, the MSCI World Index is up half a per cent, while the monthly moves of US benchmark indices are modest and mixed. Meanwhile, the US government’s 10-year bond rate sits broadly unchanged at 4.17 per cent.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
