Despite the uncertainty surrounding the impact of the Iran war, international markets rallied toward the end of April, 2026. The MSCI Standard All Country World Index (ACWI) ex USA (Gross) index returned 9.73% for the month and 9.07% return year-to-date (January 2, 2026 to April 30, 2026). The MSCI US index returned 10.5% and 5.5%, respectively.
MSCI’s relevant developed market index was up 7.49% for the month. Neuberger Berman credit’s “Sanaenomics” promoted by Prime Minister Takaichi’s for driving interest in Japan’s equity market, which was up 9.15% for the month. According to Neuberger, Takaichi is calling for “strategic investment in key industries, fiscal stimulus and reforms to drive economic expansion.” Among smaller markets, Finland was up 15% while Nokia, the second largest constituent, had a return of 56.64% for the month. Returning a negative .59%, Norway gave up a little of its gains and was the only reported developed market in negative territory. The commodity- and financial-rich Canadian index continued its run, returning 7.02% for April. Year-to-date, MSCI’s developed ex-US index was up 6.63%.
MSCI’s Emerging Market index was up 14.73% for the month, with most regions in positive territory. The EM Asia index and EM Far East Index were especially impressive; they returned 17.48% and 19.07%, respectively. Technology heavy Korea and Taiwan, common to both indices, were up 38.23% and 26.22%, respectively. Among more vulnerable smaller markets, MSCI Indonesia was down 7.05%; Philippines, 2.25%; Colombia, 6.44% and Peru, 3.28%. The MSCI’s Emerging Market index was up 14.61% year-to-date.
The impact of continued conflicts in the Middle East and Ukraine will likely cause volatility in domestic and international equity markets. Volatility can offer opportunity, however, and your Bastion portfolio managers will be diligently looking for these opportunities and monitoring risks as this quarter continues.
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