Equity markets were mixed in April with strength in the UK and US amidst weakness in parts of Europe. Portugal was the best performing developed market bourse, giving a total return of +3.20%. The FTSE 100 and the Nikkei followed behind, rising +3.15 and +1.63% respectively, with the latter closing above the 20,000 level for the first time in 15 years. The S&P 500, NASDAQ and Dow Jones Industrial rose +0.96%, +0.83% and +0.36% respectively as American markets benefited from a weakening of the US Dollar and the first monthly fall in the Dollar Index since June 2014 (-3.8%). German equity was the month’s laggard, falling -4.28% as a strengthening Euro and fears over Greece combined to unnerve investors.