April 2026 Global Markets Commentary Brent Joyce, CFA, Chief Investment Strategist Solid start interrupted, not derailed (so far) Resilience noun: the capacity to withstand or to recover quickly from difficulties; toughness. – Oxford English Dictionary
The opening quarter of 2026 brought more shocks to the global economy and capital markets, culminating with the conflict in the Middle East – capital markets are being resilient.
Many equity markets remain positive for the year, including Canada (+3.3%) and emerging markets (+0.6%), while international developed (EAFE) markets are down 2.3% and the S&P 500 is off 4.6%.
The threat of higher inflation from higher commodity prices linked to the conflict saw bond yields rise, leaving the year-to-date return of the FTSE Canada Universe Bond Index a tepid, but portfolio-stabilizing 0.23%.
All told, a typical investor with a portfolio of 60% globally diversified equities and 40% Canadian fixed income has roughly flat performance year to date.
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