Global Equity Markets
Overall for May, global equity markets advanced despite bearish news including trade conflicts, and Italian political turmoil during the month. Fixed income markets held steady, the USD strengthened and oil prices held gains as members of the OPEC cartel cut output by more than the agreed quotas.
Asia Pacific Equity Markets
Asia Pacific equities underperformed the broader global market index as markets weighed the longer term impact of US trade tariffs upon Asian economies which are mostly export-oriented. May was yet another month of back and forth White House decision changes on technology companies and political summits that appeared to hang upon the whims of the US President.
Asia (excluding Japan) Equity Markets
Asia ex-Japan underperformed global equities in May as investors priced in uncertainties owing to conflicting decision making signals from US President Donald Trump. Markets slumped on protectionist trade rhetoric and cheered when the meeting with North Korean leader Kim came back on the cards. Asian stocks also took cue from their bearish counterparts in Europe, as the Italy's political situation to elect a government remained inconclusive by the end of the month.