After a turbulent March, equity markets had a strong performance in April. Countries around the world continued their lockdown measures to fight the spread of COVID-19. Meanwhile, governments and central banks introduced signficant stimulus packages to limit the damage caused to the economy. The S&P 500 Index was the best performer of the month, gaining 12.8%, while the Japanese equity market returned 4.3% for the same period. Both the British government and corporate bond indices made gains for the month. UK’s CPI inflation fell by 20 basis points to 1.5% in March. Realised volatilities declined in April, but remained above their historical averages with all major indices ending the month with realised volatilities of above 30%. Volatility risk premiums for the Euro Stoxx 50 and the FTSE 100 indices were broadly unchanged during the month, as they both ended the month at 5.1%.