April confirmed a more uneven global environment, with markets navigating mixed signals across regions.

In Canada, inflation remains contained, but growth, labour and housing still show signs of fragility. In the United States, economic activity is slowing while renewed inflation pressure complicates the Federal Reserve’s path.

Europe faces weaker growth, persistent energy risks and a more strategic trade environment. In the United Kingdom, inflation remains elevated as labour momentum softens.

In China, exports continue to support activity despite fragile domestic demand.

Meanwhile, wheat prices rose as weather risk and geopolitical uncertainty outweighed comfortable current inventories.