Market Update April 2026

Global Share Markets

Global share markets rebounded strongly in April, recovering from the March sell-off and finishing the month with broad-based gains. The rally was once again led by large-cap technology companies, with Nvidia (+14%), Microsoft (+10%), and Alphabet (+33%) all posting strong returns, supported by resilient earnings expectations and continued momentum in AI-related investment. More broadly, improving risk appetite and easing concerns around global growth helped lift offshore markets, with global shares rising 6.8% in NZD terms and 8.6% on a hedged basis for the month to 30 April 2026.

Despite the strong rebound, year-to-date returns remain more moderate, reflecting the volatility earlier in the year. Over a longer horizon, however, performance remains very strong, with one-year returns of 27.6% to 32.6%. Emerging markets have been a standout, delivering a 48.7% return over the past year, supported by improving economic conditions and a weaker US dollar backdrop.

New Zealand Share Market

The New Zealand share market was more subdued by comparison, edging down 0.1% in April and leaving it 4.6% lower year to date following the March pullback. This underperformance continues to reflect a softer domestic backdrop, with the New Zealand economy still subdued and the housing market yet to show a sustained recovery. These conditions have weighed on business confidence and earnings expectations, acting as a drag on the local share market. That said, returns over the past year remain solid at 9.1%, with companies such as Fisher & Paykel Healthcare, Auckland Airport, Contact Energy, and Meridian Energy providing a degree of resilience through a more volatile period. 

Fixed Interest

Bond markets were steadier over the month, though inflation concerns continue to limit potential returns. Yields remain high, with the New Zealand 10-year government bond sitting around 4.7%–4.8% and the US 10-year Treasury at approximately 4.4%. These levels reflect geopolitical uncertainty, including the fallout from the Iranian conflict, which has kept central banks cautious. Against this backdrop, New Zealand fixed interest returned 0.4% in April, and global hedged fixed interest gained 0.2%. Year to date, returns remain slightly negative at -0.1% and -0.4% respectively, highlighting that while bonds have provided stability, they have not yet delivered meaningful positive returns.

Currency

Currency movements were modest but continue to play an important role in investor outcomes. The NZ dollar strengthened slightly against the US dollar over the month, contributing to the difference between hedged and unhedged global share returns. Over longer periods, currency has been a tailwind for unhedged investors, particularly over the past year.