Global equities fell by 0.3% (in local currency terms) in April, with Eurozone markets rising by 0.4% and North America falling by 5.2% over the month.
European markets showed resilience relative to global peers in April, supported by steady GDP growth and low inflation, despite heightened geopolitical tensions and external headwinds. However, economic recovery slowed, with subdued growth and declining business confidence, as improvements in German manufacturing were offset by a services downturn, particularly in France.
In contrast, U.S. equities fell sharply due to renewed trade tensions and the Trump administrations 10% tariff on imports, sparking fears of economic contraction and policy uncertainty.
Annuity prices experienced an increase in April as bond prices rose. All annuity rates are 5-year guarantee and single life.
The funding level of our sample DB scheme fell to 101% in April, with assets falling and liabilities rising (calculated using a Funding Standard proxy).
The High Risk and Medium Risk DC strategies posted negative returns over the month, while the Pension Purchase DC strategy experienced an increase.
