Monthly report
Risk assets gain in “relief rally” after US tariffs pause
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Overview
Equities rally broadly led by cyclical industries. Gold is flat in a seeming reversal of April’s flight to quality. Long yields rise in many developed markets.
Key highlights:
- Global Equities – US large-cap and Eurozone equities lead
- Global Fixed Income – EM government bonds and high yield corporates lead
- Commodities – Gold is flat; oil is slightly lower
- Equity Industries – Tech leads; Health Care lags the most
- Equity Factors – Momentum outperforms
- Alternative Indices – REITs lag
- Foreign exchange – USD weakness persists
This report provides actionable insights on global performance across asset classes, regions, currencies, industries and styles, using proprietary month-end data from our flagship index families.
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