- Markets in May were heavily influenced by political developments in the major economies.
- European equities returned 2.6% in May helped by Emmanuel Macron’s convincing win in the French Presidential election.
- In the middle of the month equities were sold off on revelations that Donald Trump may have pressured former head of the FBI, James Comey, to drop investigations into Russian interference in the US election.
- Chinese activity indicators were softer last month but still remain at relatively high levels.
- Australian economic data showed that the economy barely grew in the March quarter due to weather-related factors which impacted on net exports.
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