Appetite for risky assets in April – but defensive sectors took the lead
The overall financial market trend in April showed renewed appetite for risky assets. Global equities gained 1.4% according to MSCI ACWI in local currencies. MSCI ACWI remained unchanged in April, in DKK. Generally higher equity indices were, however, led by defensive rather than cyclical sectors. High returns were generated by Consumer Staples/Health Care, while low returns were generated by Semiconductors/Consumer Discretionary. MSCI World Defensives yielded a return in April of 3.7%, outperforming MSCI World Cyclicals at 1.0%.
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