May market update – the global economy is starting to re-open

Global equity markets continued their recovery over the month of May following earlier stimulus packages, with a notable increase in risk appetite amongst investors as the global growth rate of Covid-19 cases continued to slow and the global economy gradually started to re-open.

In this edition

• There were positive returns from developed market equities over the month. Commodity markets were also strong performers, with energy prices notably higher on a pick-up in demand and agreed cuts to oil supply from the OPEC+ producer group
• Within fixed income markets, credit spreads continued to tighten and high yield outperformed
• In currency markets, sterling was weaker over the month as the UK and EU negotiators made little progress on trade talks

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