Global stock markets made solid gains throughout May, and bond markets also ended the month on a positive note. This positive outcome was achieved despite financial media headlines being dominated by the US debt ceiling issue and the risk of a potential default, which no-one believed would happen.
In the latest market update from Kevin Quinn, Chief Investment Strategist with Investment Markets, Kevin reviews the performance of global markets in May and 2023 performance so far, and provides his insight into the five key return drivers of performance:
- US debt ceiling takes to the stage.
- Company earnings beating expectations.
- Artificial intelligence is the biggest story in town.
- Changing interest rate expectations keeps US dollar strong.
- Inflation remains both better and worse.