DAVY VIEW

European equity markets registered decent gains on May 16th, with leading benchmarks closing up over 1%. US equities also rose, with the S&P 500 advancing 0.9% – extending gains to a third consecutive session. On what was a relatively quiet day, the upward move was spurred by a number of variables including well received US economic data and corporate results. Asian markets were mixed overnight. The economic calendar is quite lean today, although Euro area construction output data and the US Michigan Consumer Sentiment index are due to be released.