Equity markets continued their positive run in May as they made gains for the second month in a row. Countries around the globe signalled a gradual reopening of their economies and easing of lockdown restrictions, while governments and central banks continued to support economies by providing monetary and fiscal stimulus. The Japanese Topix was one of the best performing indices this month, returning 6.8%. The British government bond index was flat for May. GBP Solvency II risk-free rates decreased at all terms for the fifth straight month, with shorter-term rates seeing the biggest fall. Realised volatilities continued to decline in May as all major indices ended the month with their realised volatilities back below 30%. Despite this decline, realised volatilities remain above historical averages for all major indices.