The OECD recently upgraded their forecasts: that global output will rise by 5.8% in 2021; and by 2022, that global growth will reach pre-pandemic levels. European equities have been the standout performer for May, with YTD returns well above returns seen in the US, Asia, and Emerging Markets.

Markets continued their upward trajectory in April, with the S&P 500 passing 4,200 for the first time. Macroeconomic data supports investor optimism in the US, whilst the Eurozone delivered mixed results over April.

Much has changed in the space of a year. Many global equity markets are at all time highs, and inflation concerns are behind the continued sell off in government bonds. As we transition to a post-Covid world, short term volatility is to be expected.