After a turbulent month of April, to say the least, the returns generated by the equity markets in May were staggering, among the best recorded in the last few years. Renewed investor optimism enabled equity prices to recover most of the losses incurred since mid-February. This appetite for risky assets has been fuelled by the pause on Mr Trump's reciprocal tariffs, as well as by a limited inflation rate, improving the outlook for future cuts in the Federal Reserve's benchmark interest rates and therefore the prevention of a recession. Globally, equity prices rose by 5.5% over the month, led by the US, up 6.2%.