ყოველკვირეული კაპიტალის ბაზრების მიმოხილვა

US equities posted broad gains despite geopolitical headlines and a hawkish Fed meeting. The S&P 500 rose over 10% in April, its strongest monthly performance since November 2020. Large caps outperformed small caps, while value beat growth, supported by rising oil prices (+7% WTI for the week), which boosted the energy sector. Earnings season was a key driver, with generally solid results offsetting concerns over higher input costs. Alphabet gained on strong AI and cloud demand, while Meta declined after announcing higher AI capex and issuing US$ 25bn in corporate bonds.

The Fed left rates unchanged but delivered a more hawkish tone. Three members dissented against maintaining easing language, while one supported an immediate cut, marking the highest level of dissent under Chair Powell. Markets interpreted the statement as a tightening signal despite the official easing bias. Powell also indicated he will remain on the Fed Board after his chair term, citing political and legal pressures. Treasury yields rose over the month. Investment-grade credit slightly underperformed Treasuries, while high yield lagged early due to heavy issuance before stabilizing later in the period.

European equities were broadly flat, with the STOXX Europe 600 up 0.10%. Germany’s DAX rose 0.68% and Italy’s FTSE MIB gained 1.24%, while France’s CAC 40 fell 0.53% and the UK’s FTSE 100 was unchanged. Sentiment was constrained by stalled US-Iran negotiations, heightened disruption risks around the Strait of Hormuz, and higher oil prices. Earnings momentum remained positive but insufficient to sustain a broader rally. Trading activity was subdued due to regional holidays for International Workers’ Day.