Financial Update – April 2022

March was dominated by news of the fighting It’s inevitable consequences: the rising cost of energy and the inevitable shortages that we’re likely to face. As we will see, the EU concluded a deal with the US to reduce its dependence on Russian gas, but the month ended with Vladimir Putin demanding that companies and countries wanting Russia’s gas open an account with a Russian bank and pay in roubles.

Perhaps surprisingly, many of the markets we cover in the market commentary had a reasonably good month – or at least managed not to lose ground. The one big faller was China’s Shanghai Composite index, as the month ended with the city in lockdown due to Covid.