The FTSE All-World North America Index gained 11.1% in sterling terms over April, rebounding from the prior month’s sell-off. Various US states outlined plans to begin reopening their economies, despite the US Centers for Disease Control and Prevention agency calling for a more cautious approach while domestic COVID-19 cases remain elevated. The Federal Reserve unveiled an extra $2.3tn of credit relief in response to the pandemic, including measures to support the high yield and municipal bond markets. Congress approved an additional $484bn in relief measures, targeting small businesses, hospitals and COVID-19 testing. US unemployment claims continued to rise steeply in April, in line with the trend witnessed in the prior month. The US economy contracted by an annualised 4.8% over the first quarter, the sharpest decline since 2008, largely reflecting the impact of social distancing measures in March.