Monthly Market Review - April 2024

Published on
May 8, 2024

After a bullish start to the year, most markets in April 2024 experienced a correction. The MSCI World Islamic Index declined by -3.88%, reversing its earlier upward trend. Similarly, the Dow Jones Sukuk Index saw a drop of -1.59%, due to rising inflation expectations and an uptick in U.S. Treasury yields.

In a recent update, Federal Reserve Chairman Jay Powell addressed the stalled progress toward the Fed's 2% inflation target, largely due to stubborn inflation. The Fed has kept its benchmark rate steady at 5.25% to 5.5% and plans to align future rate adjustments closely with incoming economic data. Additionally, the Fed's decision to slow its balance sheet reduction by decreasing the monthly runoff of Treasury securities has influenced the 10-year Treasury yields. This change has resulted in minor fluctuations in the yields.

Despite the market correction, the U.S. economy demonstrated resilience. The Manufacturing PMI slightly missed the expansion threshold, indicating a nearly flat industrial sector. However, the unemployment rate decreased to 3.8%, underscoring the strength of the labor market. Inflationary pressures intensified, with the CPI rising to 3.5% year-over-year, while core inflation remained at 3.8%. Retail sales grew robustly at 4.3% year-over-year, suggesting strong consumer confidence and a thriving retail sector.

In a difficult month for the asset classes overall, U.K. equities outperformed their US and European counterparts. While the MSCI Europe ex-UK Index fell by 1.8% in April, while UK equities, supported by the high share of energy and commodity companies, delivered positive total returns of 1.5%. 

From an economic perspective, the UK's economic performance was mixed, with CPI slightly decreasing to 3.2% year-over-year and core inflation at 4.2%. Despite economic uncertainties and ongoing Brexit-related trade issues, the UK's Manufacturing PMI edged closer to stability at 49.1. In the Eurozone, inflation moderated to 2.4% year-over-year, with core inflation at 2.7%. Monthly figures showed some volatility, possibly due to fluctuations in energy prices and ongoing supply chain challenges.

China’s economic indicators pointed to mild improvements. The Consumer Price Index (CPI) rose slightly by 0.1% year-over-year, while the Producer Price Index (PPI) fell further by 2.8%. The China PMI held steady at 50.4, indicating stable manufacturing activity amidst efforts to stimulate economic growth. The unemployment rate saw a slight increase to 5.2%.

Brent crude oil prices increased steadily from $81.7 per barrel in January to $87.9 in April, driven by supply constraints and robust demand, further influenced by geopolitical factors. Gold prices continued their ascent and reached a new high of $2,391 per ounce, reflecting increased investor demand for the precious metal as a hedge against uncertainty and a safe-haven asset during turbulent times.

As we look ahead to May 2024, the global markets will continue to be influenced by central bank activities and geopolitical developments. Investors are advised to adopt prudent investment strategies and diversify their portfolios to effectively manage risks and navigate the uncertainties associated with changing conditions.

Source: Bloomberg

Risk Warning: Equity investments are not readily realisable and involve risks, including loss of capital, illiquidity, lack of dividends and dilution, and it should be done only as part of a diversified portfolio. Investments of this type are only for investors who understand these risks. You will only be able to invest in the company once you have met our conditions for becoming a registered member.

Please visit for our full risk warning.

Risk Warning: As with any investment, a Wahed Invest Ltd investment puts your money at risk, as the value of your investment can go down as well as up. The tax treatment of your investment will depend on your individual circumstances and may change in the future. If you are unsure about whether investing is right for you, please seek expert financial advice.

Please visit for our full terms and conditions

Maydan Capital Limited, trading as WahedX, is registered in England and Wales (Company No. 13451691), registered office: 87-89 Baker Street, London, W1U 6RJ, UK. Maydan Capital Ltd (FRN: 963613) is an appointed representative of Wahed Invest Ltd (FRN: 833225), an authorised and regulated firm by the Financial Conduct Authority.Wahed Invest Ltd. is registered in England and Wales (Company No. 10829012), registered office: 87-89 Baker Street, London, W1U 6RJ, UK and is authorised and regulated by the Financial Conduct Authority: FRN 833225.

Subscribe For More Islamic Finance Content

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

As with any investment, a Wahed Invest Ltd investment puts your money at risk, as the value of your investment can go down as well as up. The tax treatment of your investment will depend on your individual circumstances and may change in the future. If you are unsure about whether investing is right for you, please seek expert financial advice.

Wahed Invest LLC (Wahed) is a US Securities and Exchange Commission (SEC) registered investment advisor. Wahed Invest provides brokerage services to its clients through its brokerage partner Apex Clearing Corporation, a member of NYSE - FINRA - SIPC and regulated by the SEC and the Commodity Futures Trading Commission. Registration does not imply a certain level of skill or training. Wahed does not intend to offer or solicit anyone to buy or sell securities in jurisdictions where Wahed is not registered or a region where an investment practice like this would be contrary to the laws or regulations. Any returns generated in the past do not guarantee future returns. All securities involve some risk and may result in loss. Any performance displayed in the advertisements or graphics on this site are for illustrative performances only.

Disclaimer: Wahed Technologies Sdn Bhd ("Wahed") is a Digital Investment Manager (DIM) licensee issued by Securities Commission Malaysia (eCMSL/ A0359/2019). It is part of Wahed Inc. Wahed is authorized to conduct a fund management business that incorporates innovative technologies into automated portfolio management services offered to clients under a license issued pursuant to Schedule 2 of the Capital Markets Services Act 2007. All investments involve risks, including the possibility of losing the money you invest, and the track record does not guarantee future performance. The history of returns, expected returns, and probability projections is provided for informational and illustrative purposes, and may not reflect actual future performance. Wahed is not responsible for liability for your trading and investment decisions. It should not be assumed that the methods, techniques, or indicators presented in this product will be profitable, or will not result in losses. The previous results of any trading system published by Wahed, through the Website or otherwise, do not indicate future returns by that system, and do not indicate future returns that will be realized by you.

Wahed Invest Limited is regulated by ADGM’s Financial Services Regulatory Authority (“FSRA”) as an Islamic Financial Business with Financial Services Permission for Shari’a Compliant Regulated Activities of Managing Assets and Arranging Custody [Financial Permission No. 220065]. Our ADGM Registered No. is 000004971. Wahed Invest Limited utilises Abu Dhabi Commercial Bank as its banking partner/custodian

Wahed assumes no obligation to provide notifications of changes in any factors that could affect the information provided. This information should not be relied upon by the reader as research or investment advice regarding any issuer or security in particular. Any strategies discussed are strictly for illustrative and educational purposes and should not be construed as a recommendation to purchase or sell, or an offer to sell or a solicitation of an offer to buy any security. Furthermore, the information presented may not take into consideration commissions, tax implications, or other transactional costs, which may significantly affect the economic consequences of a given strategy or investment decision. This information is not intended as a recommendation to invest in any particular asset class or strategy or as a promise of future performance.

There is no guarantee that any investment strategy will work under all market conditions or is suitable for all investors. Each investor should evaluate their ability to invest long term, especially during periods of downturn in the market. Investors should not substitute these materials for professional services and should seek advice from an independent advisor before acting on any information presented. Any links to third-party websites are provided strictly as a courtesy. We make no representation as to the completeness or accuracy of information provided at these websites nor do we endorse the content and information contained on those sites. When you access one of these websites, you are leaving our website and assume total responsibility and risk for your use of the third-party websites.

Share this post