Global Market Intelligence May Recap

May 2026 saw a narrow, Tech-led equity rally with the S&P 500 up 5.2% and Korea's KOSPI surging 28.5% on AI momentum. Despite resilient US earnings, central banks turned more hawkish as global core inflation remained sticky near 3%.

Key Takeaways

• 1.Equities extended their recovery in May but with notably narrow breadth, heavily driven by a Tech and AI leadership concentrated in the US and Korea.
• 2.US Corporate earnings significantly outperformed expectations with +23% y/y EPS growth, largely driven by Tech and AI-related sectors.
• 3.Central banks, specifically the Fed and ECB, have recalibrated communications toward a more hawkish stance, with the Fed expected to stay on hold through 2026.

Table of Contents

• KEY THEMES IN MAY
• CENTRAL BANKS
• MACRO
• THEMATIC PULSE
• POLITICS
• GLOBAL EQUITIES IN MAY
• GLOBAL FICC IN MAY

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