{"id":2691,"date":"2025-05-08T10:55:18","date_gmt":"2025-05-08T08:55:18","guid":{"rendered":"https:\/\/talentagestion.es\/informe-mensual-de-mercados-abril-2025\/"},"modified":"2025-05-08T11:01:15","modified_gmt":"2025-05-08T09:01:15","slug":"informe-mensual-de-mercados-abril-2025","status":"publish","type":"post","link":"https:\/\/talentagestion.es\/en\/informe-mensual-de-mercados-abril-2025\/","title":{"rendered":"Monthly Market Report \u2013 April 2025"},"content":{"rendered":"\n
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Trump\u2019s \u2018Liberation Day\u2019 sparks market volatility in April, followed by a full recovery in the second half of the month<\/p>\n<\/blockquote>\n\n\n\n

In the early sessions of April<\/strong>, markets saw a strong surge in volatility<\/strong>, with sharp downward movements. Volatility indicators reached levels not seen since March 2020<\/strong> during the COVID-19 downturn. On April 2nd<\/strong>, dubbed \u201cLiberation Day\u201d by Trump, new reciprocal tariffs<\/strong> were announced by the U.S. Rather than isolated measures, Trump introduced very high tariffs<\/strong> to offset the U.S. trade deficit<\/strong> region by region. Some Asian countries faced tariffs close to 50%.<\/strong><\/p>\n\n\n\n

Markets reacted negatively<\/strong> to the increased tariff pressure. The S&P-500 dropped -10.53% in two sessions<\/strong>, hitting a low of 4,835 points<\/strong>. From the February 2025 highs, the index had fallen -18.90%<\/strong> by April 8th.<\/p>\n\n\n\n

U.S. fixed income acted as a safe haven<\/strong>, with the 10-year yield dropping to 3.88%<\/strong> on April 4. But selling pressure accelerated<\/strong>, and yields climbed to 4.45%<\/strong> just three sessions later<\/strong>.<\/p>\n\n\n\n

The stock market declines and high U.S. yields<\/strong> prompted Trump to adjust his tariff policy<\/strong>. On April 9th<\/strong>, he announced a 90-day delay<\/strong>, leading to a +9.52% rebound in the S&P-500<\/strong>, the third-best session in history and the highest by volume.<\/p>\n\n\n\n

The rest of the month saw a clear shift in Trump\u2019s narrative<\/strong>, with more conciliatory tones toward China<\/strong>. Combined with greater bond market stability<\/strong>, this allowed markets to recover most of the losses<\/strong>.<\/p>\n\n\n\n

The ECB cut rates for a third time in 2025<\/strong>, lowering them by 25 bps to 2.25%<\/strong>. Markets expect two more cuts<\/strong> this year.<\/p>\n\n\n\n

European bonds performed well<\/strong>, with price gains across the curve<\/strong>. The German 10Y yield ended April at 2.44%<\/strong>, down from 2.74%.<\/p>\n\n\n\n

The USD continued weakening<\/strong>, reaching an EUR\/USD exchange rate of 1.157<\/strong>, a -11.77% drop<\/strong> in 2025.<\/p>\n\n\n\n

WTI oil dropped -18.56%<\/strong> due to increased OPEC production and slower global growth<\/strong>. Gold rose +5.29%<\/strong>, hitting new all-time highs at $3,500\/oz<\/strong> due to the weak dollar, Chinese demand, and market volatility.<\/strong><\/p>\n\n\n\n