May proved to be a strong month for global markets, as easing geopolitical tensions fed through to lower energy prices and improved sentiment. Hopes of progress in the Middle East drove a sharp fall in oil, helping to reduce inflation concerns. Together with a strong end to first quarter earnings season, this provided support to risk assets. Against this backdrop, global equities moved higher, with the MSCI AC World Index rising 6.1% in sterling terms. Bonds were more volatile, with yields rising earlier in the month before falling back as inflation expectations eased, leaving returns modestly positive overall.
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