Share markets gained in May as the US Federal Reserve suggested that the next move in interest rates will be down, and announced a reduction in the pace of their balance sheet tightening.
Share markets declined in October as bond yields rose sharply, signalling an increased probability of a Trump election victory and ensuing policy that may result in trade wars, elevated inflation and increased deficits and debt (bond issuance).
Share markets posted gains in September despite the ongoing war in Gaza and a significant escalation in the conflict between Israel and Hezbollah in Lebanon.