Summary

• Investor sentiment thrived in May, with unrelenting enthusiasm around the artificial intelligence boom and lingering hopes for a truce between the US and Iran buttressing risk appetite.
• Global equity markets (+5.0%) reached a fresh high in May amid a surge in AI stocks and growing optimism around a potential ceasefire to the Middle East conflict.
• Fixed income markets also generated positive results.

Investor sentiment thrived in May, with unrelenting enthusiasm around the artificial intelligence (AI) boom and lingering hopes for a truce between the United States and Iran buttressing risk appetite. Still, the situation remains fragile. With the Strait of Hormuz effectively closed