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Markets faced economic headwinds as confirmed by some key data
releases including the April J.P.Morgan Global Manufacturing PMI
which signaled a downturn in worldwide manufacturing production for
the first time in 22 months and an initial estimate of a decline in
the US Q1 GDP. Geopolitical tensions, escalating inflation
pressures and tighter Covid restrictions in China contributed to a
sharp snapback in risk-off sentiment across regional equity markets
(Table 1).
US: Investors favored low risk shares and the least shorted
names as gauged by 24-Month Value at Risk and Demand Supply Ratio,
respectively
Developed Europe: Both high momentum and risk-off trades were
positive last month, as captured respectively by Industry-adjusted
12-month Relative Price Strength and 60-Month Beta
Developed Pacific: High dividend payers were rewarded in Japan,
as identified by Industry Relative TTM Dividend Yield
Emerging markets: Investors followed similar themes to other
regional markets, with positive performance associated with
24-Month Value at Risk and Demand Supply Ratio
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This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.
