May 2025
Summary
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..
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