May Report 2024

This edition presents a comprehensive summary of significant developments throughout May in a new, concise format. It explores evolving trends in global economies, including those of the United States, the Eurozone, the United Kingdom, and several Asia Pacific nations. Key topics include central bank policies, macroeconomic data, and the performance of risk assets. After a challenging April, equities rebounded in May across all developed market indices, despite mixed economic signals. In the U.S., equity market breadth remains a concern, with large tech stocks driving much of the positive performance. The policy divergence between Europe and the United States is now almost certain, though the exact actions of banks remain unpredictable. Geopolitical and international trade tensions persisted, highlighted by new US and EU tariffs targeting Chinese electric vehicles. Finally, the outlook for M&A activity in 2024 appears promising, following strong activity in the first five months of this year.