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May inflation in Western countries the highest in 40 years: June 2022 Market Commentary

20 June 2022

Global Macro:

Financial Markets:

Equity: S&P 500 and Euro Stoxx 50 ended May flattish while Asian equities benefited from a small rebound amid improved sentiment in China (HSCEI +1.6%). Fixed Income: The 10-year US yield contracted 14bps in May to 2.74%, which contributed to a rise in Emerging Market government bonds (+0.1% in USD; +1.8% in local currencies). Meanwhile, High-yield corporate bonds edged down 0.6% in USD and 0.4% in EUR. Currencies: With respect to USD in May: EUR +1.6%, AUD +1.6%; CNY -0.9%; safe-haven JPY +1.2%, CHF +1.4%. Commodities: Gold decreased 2.6% while oil prices further rose 14.1% amid tight supply.