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There was ‘no place to hide’ for financial markets in April as stocks, bonds, preferred shares, commodities and crypto currencies all succumbed to the most aggressive selling pressure seen since the early days of the pandemic. In the U.S., the S&P500 had its worst month since the onset of Covid over two years ago, as the index broke down below the lows seen earlier this year. The ‘technology heavy’ Nasdaq Index took the biggest hit, registering its worst month since the lows of the Financial Crisis in 2008. Canadian stocks were not immune from the losses, although the continued strength in the Energy sector offset some of the losses in the index. Meanwhile, bonds continued to sink despite coming off their worst quarter in three decades. Global bonds had their worst month on record as investors braced for a flurry of rate hikes, including the most aggressive U.S. tightening since May 2000. The Bloomberg Global-Aggregate Bond Index lost 4.9% in April, its biggest monthly drop since its inception in 1990. (more…)