Investment Institute
Monthly Market Update

May Monthly Investment Strategy - Governments extend influence over outlooks

KEY POINTS
A firmer pace of Q1 GDP growth, stickier services inflation and a more cautious easing from central banks are common themes across international economies.
The ECB remains on track to cut rates in June. Elsewhere we expect more caution, with the BoC in July, BoE in August and Fed in September. Latin American central banks have slowed the pace of easing. EM Asian central banks look set to delay starts to H2.
GDP growth is likely to soften to a more sustainable pace in several economies in Q2, reflecting tighter policy, but recovering consumer spending.
Disinflation remains on track in most economies, but services inflation taking more time to soften.
Key election developments include an early election in the UK (4 July). India, South Africa and Mexico will all see results of polls in coming weeks.

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    This document is for informational purposes only and does not constitute investment research or financial analysis relating to transactions in financial instruments as per MIF Directive (2014/65/EU), nor does it constitute on the part of AXA Investment Managers or its affiliated companies an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personalized recommendation to buy or sell securities. Due to its simplification, this document is partial and opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this document is provided based on our state of knowledge at the time of creation of this document. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to support an investment decision.

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