Heightened trade tensions and growing concerns over global growth halted the positive momentum of global equity markets in May. There were broad losses across risk asset classes over the month, with Asian and US markets notably weaker as US/Sino relations soured.
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- Commodity markets, in particular oil prices, were also weaker on expectations of lower demand and higher inventories.
- Unsurprisingly, it was the traditionally risk-off areas of the market that performed well in May, with core government bonds producing positive total returns as yields tumbled.
- Gold prices were also up over the month, while in currency markets the Japanese yen was notably stronger and the pound weaker as Theresa May announced her resignation.
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