Equity markets went off the boil for the first three weeks in May, continuing a lacklustre second half of April, but they finished the month with something of a mini-crescendo. European stocks completed their fourth consecutive month of gains, indeed the German, French, Spanish, Italian and British indices all finished higher for the month. Chinese equities were also up on the month, as were those of the US, with 86% of SP500 companies reporting better than expected earnings figures.The majority of stocks are still down some 5% from their early April highs, with many – most notably those involved in the technology and electric vehicle (EV) sectors – having recovered some ground from being down as much as 50% between April and May, as the switch from growth to value stocks continued.
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