Valuable investing: balance of financial and social returns

May 2026 was an excellent month in what was already a remarkable year for equity investors. Japanese equities, emerging markets, and European and US stocks all posted gains.

For the time being, there seems to be no end in sight for the war in the Middle East. The Strait of Hormuz is still closed and oil prices are still high. Nevertheless, last month was actually quite good for stocks.

Financial markets were dominated by the conflict in the Middle East in March. Equity markets declined and interest rates increased. Measured over the first quarter of 2026 as a whole, market volatility remained limited.