Global equities were mixed over the month, with developed markets finishing higher, while emerging market equities were down. The New Zealand share market continued to be one of the strongest equity markets around the world, gaining 3.2% in May. New Zealand listed property also continued its strong performance. Global bonds ended higher over May, led by Sovereign bonds as longer dated yields fell. New Zealand bond yields fell alongside their global counterparts over the month. The New Zealand dollar was mixed against the major currencies, and down over the month by 2.2%.
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