Market Update 04/2026 | Oil Shock Tests Markets, but Structural Drivers Hold
Geopolitical Tensions Around the Strait of Hormuz Pressure Oil Prices, but Equities Show Resilience; Attractive Stance Maintained Across All Major Regions
In April 2026, T&T International maintains its Attractive stance on global equities despite the US-Iran escalation and surging oil prices. Markets have shown relative resilience, suggesting investors are pricing a temporary disruption rather than a prolonged crisis. The macro backdrop remains supportive with easing tariffs, expected Fed cuts, and broadening earnings growth. In fixed income, investment grade and emerging market bonds are favored, while high yield stays Neutral. Commodities remain a key conviction with preference for gold and copper. In FX, NOK and NZD are adjusted to Neutral, while AUD and CNY remain Attractive. The topic of the month highlights that geopolitical shocks historically trigger short-term drawdowns but rarely lead to lasting bear markets.
