Market Commentary It could be a happy Friday for markets

• It could be a potentially very happy Friday for risk assets as investors increasingly accept that signs of robust inflation are little more than transitory growing pains. Most major equity gauges are up strongly for May as it draws to a close, with the Nasdaq the exception, proving that the rotation to value trade is ruling sentiment. Asian equities are likely to get an especially strong lead today from Tokyo, after the yen dropped overnight to bolster the outlook for exporters. Investors will also be keeping a close eye on China in the hopes it can build on gains that see the CSI 300 Index poised for its best month this year. Yesterday, Asia put in a mixed performance, with the Nikkei 225 easing 0.3% in Tokyo and the Hang Seng slipping 0.2%, while the Shanghai Composite rose 0.4%. The Straits Times Index rose 0.6% or 18.73 points to finish the day at 3,164.82.