May 2026

• Global markets delivered mixed performance in May 2026 as investors balanced the benefits of lower interest rates against signs of slowing economic momentum in several major economies.
• Technology and artificial intelligence-related sectors continued driving a significant portion of global equity market gains.
• Central banks maintained accommodative policy stances as inflation remained broadly contained.
• Bond yields remained relatively stable, supporting equity valuations and corporate financing conditions.
• Chinese economic growth showed further signs of stabilisation, though structural challenges remained.
• Commodity markets experienced volatility amid geopolitical developments and shifting demand expectations.

Asia (ex. Japan)

Asian markets outside Japan delivered positive performance during May as continued investment in artificial intelligence infrastructure and semiconductor production supported regional growth.

Chinese equities benefited from ongoing policy support measures aimed at strengthening domestic consumption and stabilising property markets, though investor caution regarding long-term growth prospects remained evident.

Europe

European equities experienced modest gains during May as lower borrowing costs and improving consumer confidence supported financial and consumer-focused sectors.

Industrial activity remained mixed across the region, with some economies benefiting from improved export demand while others continued facing manufacturing headwinds.

United States

U.S. equities remained near record levels during May as strong corporate earnings and continued artificial intelligence-related investment supported market sentiment.

Technology and semiconductor companies continued leading performance, although investors became increasingly selective amid concerns regarding elevated valuations within certain growth sectors.

United Kingdom

UK equities delivered relatively stable performance during May as easing inflation and supportive monetary conditions helped sustain investor confidence.

Consumer-facing sectors benefited from improving household finances, while lower interest rates provided support for housing-related activity and financial markets.

Japan

Japanese equities remained strong during May as robust technology demand, improving domestic consumption and continued corporate governance reforms supported investor interest.

Export-oriented companies continued benefiting from resilient global demand, while investors closely monitored developments in Bank of Japan policy.

Emerging Markets

Emerging markets delivered positive performance during May as improving global liquidity conditions and stable developed market growth supported capital flows.

Technology-focused Asian economies remained among the strongest performers due to sustained semiconductor demand and continued investment in artificial intelligence infrastructure.

Commodities

Commodity prices delivered mixed performance during May as geopolitical developments, supply constraints and changing demand expectations created volatility across energy and industrial markets.

Industrial metals remained supported by infrastructure spending and technology-related demand, while gold prices continued trading at elevated levels due to central bank purchases, geopolitical uncertainty and ongoing demand for defensive assets.