April 2016 – ADIFO Global Market Review
Risk markets initially continued a powerful rally that started in mid-February but stumbled at prior November highs, falling in the last week of trading. The S&P 500 gained 0.3% in April and is up marginally for 2016 at 1.1%. The NIKKEI 225 was again the laggard of the global stock markets, falling –3.7% as the Yen continued to climb relentlessly to the detriment of Japan’s export competitiveness. Year-to-date it has fallen over -15% in local currency, the worst performance of the major bourses. Having substantially outperformed in March, emerging markets held their gains, adding another 0.4% to lead all market up 5.8% for the year.