May was characterized by resilient economic activity, particularly in the United States, where strong labor market conditions, continued consumer spending and solid corporate earnings supported investor confidence. Technology-related sectors remained the primary drivers of market performance, while investors continued to reassess expectations for inflation and future interest rate decisions.

Regional divergence became increasingly evident throughout the month. Japan continued to benefit from structural reforms and strong demand for technology-related industries, while China faced ongoing challenges linked to domestic growth and investor confidence. Across developed markets, performance increasingly reflected differences in economic momentum, policy expectations and sector leadership rather than a synchronized global recovery.

Fixed income markets reflected a more constructive risk environment, with corporate credit and emerging market debt outperforming government bonds. Alternative assets delivered mixed results, illustrating that improving market sentiment alone was not sufficient to support all segments equally. The month ultimately highlighted the importance of selectivity, diversification and disciplined portfolio construction in an environment increasingly shaped by structural themes and differentiated regional dynamics.

Click the link below to access the full report.