May saw strong economic data overall, although there were also concerns around the chance of inflation running hot and central banks prematurely tightening monetary policy. So far modestly higher inflation and improved global growth prospects have benefitted ‘Value’ companies rather than ‘Growth’ companies again this month – a trend of this year which had unwound somewhat last month. On the COVID front, daily cases have fallen in the two countries that had more alarming figures in April – India and Japan. In general, there were broadly positive market movements in equities (in local currency) and fixed income alike.

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