Markets soared to reach new highs in April, despite the ongoing geopolitical turbulence and

inflationary concerns. Tensions between the United States (US) and Iran continued to dominate

headlines, with the Strait of Hormuz remaining severely disrupted, resulting in oil prices surging

higher. The dominant market story was that of renewed confidence as global equities staged a

powerful risk-on rally, primarily driven by a rotation back into artificial intelligence (AI) stocks.