Unexpected election results in India, Mexico and South Africa temporarily shook markets. In India, Narendra Modi secured a third term, but lost his parliamentary majority.

May has been a month for elections, with India, Mexico and South Africa all going to the polls. For India, early results indicate a continuation of the status quo, while in Mexico the first female president was elected by a landslide.

With US jobs growth remaining strong and inflation proving stickier than expected, speculation grew that the US Federal Reserve (Fed) would delay cutting rates until the end of 2024.