Large dispersion in sector performance with energy sector still dominating markets. Large declines were seen in consumer discretionary (XLY) and real estate (XLRE). These declines should be expected in a rising rate and threat of recession environment.
Surprisingly, there is large dispersion in country equity performance given the discussions concerning global inflation and stagnation. Several European countries had gains over 5% for May. The two biggest outliers for 2022 are Mexico (EWW) and Brazil (EWZ).
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