On the whole, the equity markets extended their rally in the first two weeks of May.
They hit turbulence mid-month, after the Fed's comments, and above all the US investigations into Russian interference during the presidential election campaign.
The markets are driven by persistently robust macroeconomic data.
Analysts are regularly raising their corporate earnings forecasts.
Global investment flows are undeniably veering towards Europe, still our favourite region for the coming months.
Technology and innovative companies are also key market drivers, with only those markets highly dependent on energy (oil) prices lagging behind.
European market rally confirmed on the back of solid data
The euro zone is still the most attractive market, with investment flows flooding in at a faster pace.
It is still our top regional pick in terms of equity allocation.
The European rebound is the focal point of our tactical approach, placing euro zone domestic stocks at the top of our list.
Style-wise, we think high-quality innovative companies generating internal structural growth will earn the strongest performances in the medium term.
As a result, our allocation is unchanged.
Investigation into Russian election interference, but solid economic fundamentals
The US is currently enjoying one of the longest uninterrupted periods of growth in the country's modern history. Earnings revisions are on a positive trend and the tech sector is sitting squarely in centre stage.
We are therefore holding the main lines in our tactical allocation.
Asia on the rise, LatAm and Russia hurting
Emerging markets have recorded the strongest performance year-to-date, driven by Asia, which in turn is benefiting from solid global economic health.
We still have a positive view on Asia, with a preference for South Korea and China.
Russia has been tripped up by recent trends in oil-related companies.