Positive earnings reports in April while China lightens its rhetoric
MONTHLY MARKET COMMENTARY |
First quarter gross domestic product in the United States grew at an annualized rate of 2.3 percent. This is below the 2.9 percent pace during the fourth quarter, yet was still above expectations which called for 2.0 percent growth.
A combination of events helped European stocks finish higher during the month. Earnings reports were largely positive, China lightened its rhetoric on trade tariffs and a lower euro also helped lift stocks. Higher bond yields also led to outperformance by the financial sector.