If the old adage of 'sell in May and go away' is to hold in 2026, then it really needs to say 'sell at the end of May' because equities posted another bumper month of returns. Animal spirits are alive and kicking and IPO fervour is keeping risk assets on
Despite severe geopolitical conflicts in Ukraine and the Middle East, alongside viral outbreaks, global equity markets defied the "sell in May" adage to hit new record highs in May 2026, driven by an insatiable appetite for semiconductor stocks and fervor surrounding upcoming tech IPOs like SpaceX and OpenAI. This powerful
Global markets were driven by geopolitical de-escalation in the Middle East, persistent inflation and rate uncertainty, and accelerating fragmentation in trade and monetary policy across major economies. Download PDF
Global markets were primarily driven by geopolitics rather than macroeconomic data, with energy security becoming the key determinant of inflation and growth expectations. Download PDF
After a challenging first quarter, markets roared back to life in April as the punctuated ceasefire and US-Iranian dialogue saw animal spirits take hold and risk markets rally strongly. The geopolitical narrative gave way once again to the powerful tech and AI theme that has powered global markets for much
April 2026 felt surprisingly constructive for global financial markets. Equities rallied as investors rotated back into AI-linked growth stocks, with semiconductor-heavy Asian markets especially strong. At the same time, Middle East tensions kept energy prices elevated, sustaining worries about inflation and complicating the outlook for central banks. Bonds were mixed:
The defining global macro theme was the inflationary energy shock caused by geopolitical tensions, which delayed expected monetary easing across many major economies. Download PDF