Heightened prospects of a full-scale “trade war” and continued political uncertainty rattled global markets in the month of May. Despite shaky ground, the S&P/TSX Composite Index and the S&P 500 Index returned 3.12% and 3.31% (C$) respectively. On the currency front, the loonie weakened 0.89% against the U.S. dollar. Internationally, over the same time period, both the MSCI EAFE Index and Emerging Market Index were down -1.25% and -2.67% (C$) respectively. The FTSE TMX Canada Universe Bond Index rose 0.80% in May.