Market Index Returns May 2019

The year started strongly thanks to a “dovish” Federal Reserve Bank and a rosy expectations for the US/China
trade dispute; however, markets reversed sharply in May after the Trump Administration increased tariffs on
$200 billion of Chinese imports. Trump threatened further tariffs on the remaining $300 billion of Chines imports
to the U.S., stoking fears that an all-out trade war that might dampen global growth and possibly contribute to a
global recession. Risk assets of all kinds declined sharply in May with U.S. stocks and global stocks falling -6.35%
and -5.93% respectively.

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