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Multi-Asset


May saw strong returns across global equity markets. In the US, equity markets rallied following the 90-day suspension of reciprocal tariffs between the US and China. The S&P 500, NASDAQ, and FTSE 100 all rose 6.3%, 9.6%, and 3.8% respectively, and measured in their local currencies. Earlier gains in the month were tapered following US President Trump’s announcement that 50% tariffs would be applied on EU imports, which briefly reversed the market momentum. However, the subsequent reversal of the policy restored confidence, evidenced by the Euro STOXX 50 ending the month up by 5.4%, measured in its local currency. In fixed income, UK and US 10-year bond yields rose by 21 and 24 basis points, respectively, reflecting the elevated long-term risk premiums amid ongoing fiscal and inflationary uncertainty. Gold declined by 0.6%, while Brent Crude oil rose by 3.3% owing to both increased demand and disruptions to supply. As currency markets continued to digest the uncertainty surrounding tariffs, the pound extended its rally against the US dollar, appreciating by 0.8%. Further, the pound managed to claw back some of the prior month’s losses against the euro, appreciating by 0.9%.

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