May was characterized by continued turmoil in the financial markets, but after sharp declines at the beginning of the month, the stock markets recovered and ended with relatively small changes. Continued high inflation figures and a strong labour market suggest further austerity measures from the central banks, which increases the risk of a hard landing and recession. As expected, the FED raised the interest rate by 0.50 percentage points and the ECB is preparing for rate hike in June. In China, the tough restrictions that have been in place for some time have eased. Hopefully, it can help to get distribution channels up and running, increase the supply of goods and bring down high inflation figures. Finally, it can be mentioned that the reporting period for the second quarter is approaching – order intake, increased costs and profitability will be in focus.