Volatility, which returned with a vengeance in the first quarter, persisted through much of April. Geopolitical headlines continued to play a significant role in unsettling investors, particularly the prospects of a “trade war” between the U.S. and China, alongside uncertainty regarding NAFTA. In April the S&P/TSX Composite Index and the S&P 500 Index returned 1.82% and -0.22% (C$) respectively. On the currency front, the loonie increased 0.31% against the U.S. dollar. Internationally, over the same time period, the MSCI EAFE eked out a gain of 1.46% (C$) while the MSCI Emerging Market Index was down -0.88% (C$). The FTSE TMX Canada Universe Bond Index returned -0.86% in April.