Canada Day closure

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Confidence returns, risks remain

April 2026

April was a month of re-risking: markets staged a powerful V-shaped recovery from late-March stress as volatility eased, investors grew more comfortable with the idea that the economic slowdown would remain manageable, and earnings season helped re-anchor expectations. But under the surface, the “confidence” story was more nuanced—consumer sentiment data remained fragile even as equities regained altitude, reminding investors that markets often move ahead of the real economy and that headline optimism can mask crosscurrents from inflation, energy prices, and geopolitics.

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