Developed equities strengthened led by growth stocks as valuation concerns moderated with bond yields declining from recent highs. Economic data continued to improve against a backdrop of accommodative monetary and fiscal policies. Gold prices rose while oil prices fell.
The S&P/TSX Composite Index strengthened led by gains in technology, materials, and REITs. Health care and energy were the only sectors to decline. Canada added 303,000 jobs in March which exceeded forecasts, however, labour market uncertainty remains amid newly imposed lockdowns.
The S&P 500 Index (C$) strengthened led by technology, discretionary, and communications. Energy was the only sector to decline. U.S. non-farm payrolls surged by 916,000 jobs in March, the strongest gain in 7 months, the ISM services PMI also jumped to a record high.
The MSCI EAFE Index (C$) strengthened led technology and materials. Energy was the only sector to decline. U.K. equities outperformed as the International Monetary Fund raised its forecast for British economic growth.