22 to 28 May: Paper Shuffling

After a 9-month odd bull market, some divergence and loss of momentum has prevailed over recent weeks. Over the next month, a number of policy announcements could shape market direction. In particular:

• FED and ECB monetary policy decisions at which the US will likely raise rates and Europe may signal a more hawkish stance on policy.
• UK general elections and the start of Brexit negotiations.
• Italian electoral reform (setting up an Autumn election) and the conclusion of Greek negotiations with the EU to unlock the latest tranche of funding.

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