Weekly Market Pulse - Week ending April 24, 2026
Market developments
Equities: Global equity markets delivered mixed results this week, with regional divergence driven by geopolitical tensions and corporate earnings. European stocks lost momentum after four consecutive weeks of gains, with the Stoxx 600 falling as surging oil prices forced investors to confront potential economic headwinds. In contrast, US equity indexes showed resilience, with the Nasdaq Composite and the S&P 500 rising both rising, driven by strong first-quarter results from companies like Intel, that galvanized the semiconductor sector.
Fixed Income: Fixed income markets remained relatively stable across major developed economies, though UK borrowing costs experienced notable volatility. In the corporate bond market, syndicate desks took a breather with just over $19 billion of new investment-grade bonds sold, roughly one-third the volume of the previous week. Volatility across markets collapsed over the past month, creating favorable conditions for carry trades despite lingering geopolitical uncertainty.
Commodities: Commodity markets experienced significant movements driven by geopolitical developments and supply-demand dynamics. Oil prices remained elevated with Brent shifting to $105 a barrel from a low of $86 the prior week, while WTI crude June futures settled at just over $94 a barrel.
Performance (price return)
SECURITY |
PRICE |
WEEK |
1 MONTH |
3 MONTH |
YTD |
Equities ($Local) |
|
|
|
|
|
S&P/TSX Composite |
33,904.11 |
-1.29% |
6.14% |
2.29% |
6.91% |
S&P 500 |
7,165.08 |
0.55% |
9.28% |
3.61% |
4.67% |
NASDAQ |
24,836.60 |
1.50% |
14.13% |
5.68% |
6.86% |
DAX |
24,128.98 |
-2.32% |
6.59% |
-3.10% |
-1.48% |
NIKKEI 225 |
59,716.18 |
2.12% |
14.28% |
10.90% |
18.63% |
Shanghai Composite |
4,079.90 |
0.70% |
5.12% |
-1.36% |
2.80% |
Fixed Income |
|
|
|
|
|
Canada Aggregate Bond |
242.38 |
-0.21% |
1.24% |
0.13% |
0.60% |
US Aggregate Bond |
2359.05 |
-0.40% |
1.02% |
0.36% |
0.43% |
Europe Aggregate Bond |
246.76 |
-0.36% |
0.75% |
-0.39% |
-0.02% |
US High Yield Bond |
29.51 |
-0.23% |
1.86% |
0.57% |
1.24% |
Commodities |
|
|
|
|
|
Oil |
95.16 |
13.49% |
3.04% |
55.82% |
65.73% |
Gold |
4706.19 |
-2.57% |
5.15% |
-5.64% |
8.96% |
Copper |
602.60 |
-1.45% |
11.13% |
1.32% |
6.05% |
Currencies |
|
|
|
|
|
US Dollar Index |
98.52 |
0.43% |
-0.92% |
0.94% |
0.20% |
Bitcoin (CAD) |
106,085.24 |
0.33% |
9.92% |
-13.21% |
-11.58% |
Loonie |
1.3666 |
0.18% |
0.71% |
0.24% |
0.42% |
Euro |
0.8533 |
-0.39% |
0.96% |
-0.91% |
-0.22% |
Yen |
159.41 |
-0.48% |
-0.45% |
-2.33% |
-1.69% |
Source: Bloomberg, as of April 24, 2026
Central Bank Interest Rates
Central Bank |
Current Rate |
June 2026 |
Bank of Canada |
2.25% |
2.29% |
U.S. Federal Reserve |
3.75% |
3.63% |
European Central Bank |
2.00% |
2.14% |
Bank of England |
3.75% |
3.90% |
Bank of Japan |
0.75% |
0.89% |
Source: Bloomberg, as of April 24, 2026
*Expected rates are based on bond futures pricing
Macro developments
Canada – Energy Shock Pushes Inflation Higher, Retail Sales Extend Early‑Year Momentum
Canadian inflation jumped sharply in March as energy prices surged following disruptions linked to the Middle East conflict. Higher fuel costs lifted transportation inflation and spilled over into shelter and recreational services. Food inflation eased due to tax-related base effects while monthly CPI posted its strongest gain in over a year.
Canadian retail sales are estimated to have risen again in March, marking a potential third straight monthly gain. February sales were revised lower but still showed broad strength, especially in vehicle-related purchases. Core retail sales also advanced, led by general merchandise and food retailers, while building materials posted the largest decline.
U.S. – Consumers Power Through Higher Fuel Prices, Business Activity Recovers Modestly
U.S. retail sales rose strongly in March, beating expectations and marking the fastest growth in a year. A spike in gasoline receipts was the main driver but spending gains were broad-based across most retail categories. Core sales also exceeded forecasts, suggesting consumer demand remains resilient.
The U.S. composite PMI improved in April, signalling a mild rebound in overall business activity. Manufacturing growth was robust but partly driven by inventory building amid supply concerns. Services demand remained soft, costs accelerated and employment growth stayed muted.
International – Eurozone Activity Contracts Amid Energy Strains, Japan Inflation Edges Up but Stays Below Target, China Holds Rates as Growth Strengthens
Eurozone private-sector activity slipped into contraction as higher energy costs hit services demand. Germany was particularly affected due to its reliance on imported energy inputs. Manufacturing showed resilience but rising costs forced firms to increase prices while business optimism weakened sharply.
Japan’s inflation rate ticked higher in March, led by faster increases in transport and household-related costs. Food inflation slowed and energy prices continued to fall due to subsidies. Core inflation rose but remained below the central bank’s 2% target for a second month.
China’s central bank kept key lending rates at record lows for an 11th month, in line with expectations. Policymakers remain cautious due to geopolitical risks despite easing deflation and stronger early 2026 growth. Economic expansion accelerated in Q1, allowing authorities to adopt a more modest full-year growth target while maintaining supportive policy settings.
Quick look ahead
DATE |
COUNTRY / REGION |
EVENT |
|
SURVEY |
PRIOR |
29-Apr-26 |
Canada |
Bank of Canada Rate Decision |
|
2.25 |
2.3 |
29-Apr-26 |
United States |
FOMC Rate Decision (Upper Bound) |
|
3.75 |
3.8 |
29-Apr-26 |
United States |
FOMC Rate Decision (Lower Bound) |
|
3.50 |
3.5 |
29-Apr-26 |
Japan |
Retail Sales YoY |
Mar |
0.90 |
-0.2 |
29-Apr-26 |
Japan |
Retail Sales MoM |
Mar |
0.70 |
-2.0 |
29-Apr-26 |
China |
Composite PMI |
Apr |
|
50.5 |
30-Apr-26 |
Eurozone Aggregate |
GDP SA QoQ |
1Q A |
0.20 |
0.2 |
30-Apr-26 |
Eurozone Aggregate |
GDP SA YoY |
1Q A |
0.85 |
1.2 |
30-Apr-26 |
Eurozone Aggregate |
CPI Estimate YoY |
Apr P |
3.00 |
2.6 |
30-Apr-26 |
Eurozone Aggregate |
CPI YoY |
Apr P |
3.00 |
2.6 |
30-Apr-26 |
Eurozone Aggregate |
CPI MoM |
Apr P |
1.00 |
1.3 |
30-Apr-26 |
Eurozone Aggregate |
CPI Core YoY |
Apr P |
2.20 |
2.3 |
30-Apr-26 |
Eurozone Aggregate |
Unemployment Rate |
Mar |
6.20 |
6.2 |
30-Apr-26 |
United Kingdom |
Bank of England Bank Rate |
|
3.75 |
3.8 |
30-Apr-26 |
Eurozone Aggregate |
ECB Deposit Facility Rate |
|
2.00 |
2.0 |
30-Apr-26 |
Eurozone Aggregate |
ECB Main Refinancing Rate |
|
2.15 |
2.2 |
30-Apr-26 |
Eurozone Aggregate |
ECB Marginal Lending Facility |
|
2.40 |
2.4 |
30-Apr-26 |
United States |
PCE Price Index YoY |
Mar |
3.50 |
2.8 |
30-Apr-26 |
United States |
Core PCE Price Index MoM |
Mar |
0.30 |
0.4 |
30-Apr-26 |
United States |
Core PCE Price Index YoY |
Mar |
3.20 |
3.0 |
30-Apr-26 |
United States |
GDP Annualized QoQ |
1Q A |
2.10 |
0.5 |
30-Apr-26 |
United States |
Core PCE Price Index QoQ |
1Q A |
4.10 |
2.7 |
30-Apr-26 |
Canada |
GDP MoM |
Feb |
0.20 |
0.1 |
30-Apr-26 |
Canada |
GDP YoY |
Feb |
1.00 |
0.6 |
01-May-26 |
Canada |
S&P Global Canada Manufacturing PMI |
Apr |
|
50.0 |
01-May-26 |
United States |
ISM Manufacturing |
Apr |
53.10 |
52.7 |
01-May-26 |
United States |
ISM Prices Paid |
Apr |
80.75 |
78.3 |
A = Advance
P = Preliminary
The Asset Allocation Team at NEI Investments
Judith Chan, CFA – Vice President, Head of Asset Allocation
Mateo Marks, CFA – Director, Asset Allocation
Adam Ludwick, CFA – Director, Asset Allocation
Anthony Rago, B.A.Sc. – Senior Asset Allocation Analyst