Europe | 37.6 % | 50.9 % | 88.5 % |
North America | 52.0 % | 10.2 % | 62.2 % |
Latin America | 0.7 % | 21.1 % | 21.8 % |
Asia | 7.1 % | 2.6 % | 9.7 % |
Africa | - | 5.1 % | 5.1 % |
Eastern Europe | - | 4.8 % | 4.8 % |
Middle East | 0.2 % | 4.0 % | 4.2 % |
Asia-Pacific | 2.5 % | 1.3 % | 3.8 % |
Total | 100.0 % | 100.0 % |
Market environment
The United States and Europe are starting to diverge at macroeconomic and monetary policy levels.
Although the US economy remains firm, signs of cooling were observed in May.
In Europe, PMIs published during the month confirmed an improvement in economic activity.
This desynchronisation led to a sharp drop in US yields whereas the Eurozone trend was more upward, especially for the long end of the curve.
The downward trend for US interest rates helped growth stocks and narrowed spreads.
Nvidia continued to benefit from investors’ excitement about artificial intelligence after publishing its results.