Highlights;

  • The recovery in equity and commodity prices from February lows continued into May with the third straight month of equity and commodity price rises.

  • Oil prices continued to move higher, up another 7% in May. Iron ore prices gave back their recent gains with a 24% decline over the month.

  • US economic data was fairly good leading to increased talk of impending rate hikes.

  • Economic data in Europe has been stronger-than-expected, although inflation remains low.

  • Australian growth was stronger than expected in the first quarter of 2016. However, pricing pressures in the economy are fairly low, reinforcing the RBA’s early May decision to cut official interest rates to 1.75%.

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