May saw Continental European equites fall, led by political uncertainty in Italy. Initial fears of a prolonged political stalemate and fresh elections eventually subsided with Giuseppe Conte being approved as prime minister. Despite this, Italy's stock market index, the FTSE MIB, fell 8.0% over the course of the month while the Euro STOXX 50 fell 2.3%. Elsewhere, the FTSE 100 rose 2.8% as the pound sterling weakened 3.4% against the US dollar, finishing the month at 1.33 USD/GBP. In the US, Trump's trade war moved west providing respite for China, with allies including the EU, Canada and Mexico targeted for steel and aluminium tariffs instead. The S&P 500 finished 2.4% higher, the Shenzhen CSI 100 rose 1.5%, the Mexican Bolsa fell 7.3% and Canada's stock exchange benchmark, the S&P/TSX Composite index, rose 3.1%. In fixed income, the 10-year yields for US treasuries, UK gilts and German bunds ended the period on 2.9%, 1.2% and 0.3% respectively.
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