May 2016 – ADIFO Global Market Review
Stock markets were mixed in May as a late-month reversal drove US and European markets higher. The S&P 500 gained 1.5% despite being down over 1% mid-month. The NIKKEI 225 reversed April’s sharp decline, climbing 6.7%, as the Yen fell almost 4% against the Dollar and improved Japan’s export competitiveness. Emerging markets dropped –3.9%, giving up its leadership position on a year-to-date basis to the US.