Monthly Commentary | June 2025 Issue

Global equity markets extended their recovery during May, building upon the rebound from April’s lows. The improvement was primarily driven by a combination of enhanced consumer confidence and a de-escalation in trade-related tensions. Notably, progress in trade negotiations between the United States and the European Union, alongside the postponement of scheduled tariff increases, helped alleviate fears of a global economic downturn and supported broad-based advances in risk assets..