Global sharemarkets ended May slightly stronger following two months of correction. The ASX200 Accumulation Index fell by -2.6%. In the US, the major indexes were largely flat, with the S&P 500 up by 0.2%, the Nasdaq down by -1.9%, and the Dow Jones up by 0.3%. European markets climbed, with the German DAX up 2.1%, the French CAC 40 up 0.5%, and the British FTSE 100 up 1.1%. With greater certainty that central banks are committed to confronting inflation, the VIX volatility index fell to 26.2 from 33.4 by month end. So-called “safe haven” assets such as gold were mostly off their highs, but US Treasuries performed strongly in price, and yields on benchmark bonds declined. The Australian dollar was a touch higher over the month.
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