The main price drivers were the news surrounding US trade policy, which led to a reassessment of the situation. This was followed by a technical recovery, which was further supported by good company results. The large technology companies in particular surprised positively, which is why the sector topped the list of winners for the month. Corporate bonds moved sideways, a slight rise in interest rates was offset by a fall in yield premiums. In terms of relative performance, American investments have generally lagged further behind since the beginning of the year, even if the gap closed somewhat in May.