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April 2018
Global Equity Markets
Global equities witnessed a choppy month as a slew of negative headlines plagued the markets. Fears of a trade war between US and China escalated, sending markets globally into a defensive mode just as US investors were caught off guard by White House senior level staff departures.
Asia Pacific Equity Markets
Asia Pacific equities underperformed the broader global market index as fears mounted over escalation of protectionist US rhetoric that would dent the export-reliant region.
Asia (excluding Japan) Equity Markets
Though Asia ex-Japan equities outperformed their global counterparts, Asian stocks followed the direction of US declines which were triggered by a technology selloff.

March 2018
Global Equity Markets
Market volatility spiked during the month amid a global rout of equities. A systematic correction in US stocks sparked the global sell-off as the 10-year US Treasury yield surged. Investors priced in prospects of nearing US Federal Reserve (Fed) tightening measures and mounting risks from US fiscal deficits.
Asia Pacific Equity Markets
Asia Pacific equities outperformed the broader global market index amid a period of equity sell-offs that began as a systematic correction in US stocks. Investors sought justification to the sell-offs including a systematic correction in US stocks, a surge in the 10-year US Treasury yield, a nearing of US Federal Reserve (Fed) tightening measures and mounting risks from US fiscal deficits. Within the region, Asia ex-Japan underperformed while Japan and Australia underperformed.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities fell in February, underperforming global stocks. Asian stocks erased gains from the prior month as volatility levels spiked, alongside wild gyrations amid a global rout of equities. Investors sought justification to the sell-offs including a systematic correction in US stocks, a surge in the 10-year US Treasury yield, a nearing of US Federal Reserve (Fed) tightening measures and mounting risks from US fiscal deficits.

February 2018
Global Equity Markets
Global equities rallied into the first month of 2018 even as wariness over market exuberance began to creep in. The MSCI AC World Index rose in January with the emerging markets (EM) outperforming the developed markets (DM). A synchronised global growth and US dollar weakness lifted exports in the EM.
Asia Pacific Equity Markets
Asia Pacific equities rose in January outperforming the broader global market index. Within the region, Asia ex-Japan outperformed while Japan and Australia underperformed.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities rose, outperforming their global peers as the exuberant market momentum from 2017 spilled over to the month of January. Investors grew more optimistic in the region as data continued to post strong exports numbers and sentiment that healthy global growth would further bolster corporate earnings. With the exception of telecommunications, all sectors booked gains. The financial sector saw the highest returns while energy and healthcare names rallied hard.

January 2018
Global Equity Markets
The MSCI AC World Index rose in December with the developed markets (DM) outperforming emerging markets (EM). The US Federal Reserve (Fed) continued its hiking cycle with a rate hike as economic conditions continue to show further improvements.
Asia Pacific Equity Markets
Asia Pacific equities rose in December, outperforming the broader global market index. Within the region, Australia and Asia ex-Japan outperformed while Japan underperformed.
Asia (excluding Japan) Equity Markets
Asian markets outside of Japan ended the last month of 2017 by outperforming global equities. For the year in review, Asia ex-Japan registered a record rally as it surged ahead of its peers led by Chinese stocks that saw earnings upgrades which continued to boost confidence in the region.

December 2017
Global Equity Markets
The MSCI AC World Index rose in November that saw emerging markets (EM) underperforming the developed markets (DM). Within the EM, Latin America underperformed while Eastern Europe, the Middle East and Africa (EMEA) and Asia ex-Japan outperformed. Global stocks halted their rallies as investors took the opportunity to take profit from record breaking highs.
Asia Pacific Equity Markets
Asia Pacific equities rose for the month of November, underperforming the broader global market index. Within the region, Australia and Asia ex Japan underperformed while Japan outperformed. Asian stocks trailed their global counterparts after data showed China’s expansion dialled back with a deceleration of investment and retail sales.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities slid downward in November, and underperformed global equities. Markets paused a record rally as investors locked in profits and priced in uncertainties including an investigation into Russian interference in the 2016 US Presidential election. Putting the brakes on Asian equities was also due to aggressive profit taking in technology and a rotation to other sectors such as global financials.

November 2017
Global Equity Markets
The MSCI AC World Index rose in September that saw emerging markets (EM) outperforming the developed markets (DM). Within the EM, Latin America and Eastern Europe, the Middle East and Africa (EMEA) underperformed. Asia ex-Japan outperformed after a series of optimistic data reports bolstered confidence on global growth.
Asia Pacific Equity Markets
Asia Pacific equities gained in October outperforming the broader global market index. Within the region, Australia underperformed while Japan outperformed. During the month, markets turned their focus toward potential changes in monetary policies with the appointment of US Federal Reserve's (Fed) Chairman and the European Central Bank (ECB) announced trimming of its asset purchases.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities rose in October, outperforming global equities after a series of optimistic data reports bolstered confidence on global growth while investors awaited the outcome of the next US Federal Reserve (Fed) chairman. The dollar pared down its advance after reports surfaced that Governor Jerome Powell emerged as the frontrunner to lead the Fed. Energy rallied ahead of equities as US crude and gasoline stockpiles dwindled alongside a Middle East conflict that threatened to constrict supply.

October 2017
Global Equity Markets
The MSCI AC World Index rose in September with the emerging markets (EM) underperforming developed markets (DM). In the developed markets, European stocks booked their best month amidst better than expected economic data. Within the EM, Latin American outperformed while Eastern Europe, the Middle East and Africa (EMEA) and Asia ex-Japan fell into losses.
Asia Pacific Equity Markets
Asia Pacific equities gained in September 2017 although it underperformed against the broader global market index. Within the region, Asia ex-Japan and Australia underperformed while Japan outperformed. Asia's stocks reversed their longest winning streak with tensions between the US and North Korea ratcheting up and the US Federal Reserve (Fed) steering toward hawkish policy rhetoric as it announced its balance sheet reduction plans.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities slipped in September, underperforming global equities. Asia's stocks reversed their longest winning streak with tensions between the US and North Korea ratcheting up and the US Federal Reserve (Fed) steering toward hawkish policy rhetoric as it announced its balance sheet reduction plans.

September 2017
Global Equity Markets
The MSCI AC World Index rose in August with the emerging markets (EM) outperforming developed markets (DM). In the developed markets, the US stocks extended their climb, shrugging off concerns of tensions surroundings North Korea. Within the EM, Latin American and Eastern Europe, the Middle East and Africa (EMEA), outperformed while Asia ex-Japan lagged.
Asia Pacific Equity Markets
Asia Pacific equities gained in August 2017, outperforming the broader market index. Within the region, Asia ex-Japan and Australia outperformed against the benchmark while Japan underperformed. Strong gains in commodity producers led markets higher, shrugging off concerns over a cauldron of tensions with North Korea. A meeting of central bankers at Jackson Hole provided little clarity for investors into the future timing of US Federal Reserve (Fed) and European Central Bank (ECB) monetary tightening.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities rose in the month of August, outperforming global equities. Strong gains in commodity producers led markets higher, shrugging off concerns over a cauldron of tensions with North Korea. A meeting of central banker at Jackson Hole provided little clarity for investors into the future timing of US Federal Reserve (Fed) and European Central Bank (ECB) monetary tightening.

August 2017
Global Equity Markets
The MSCI AC World Index rose in July with the emerging markets (EM) outperforming developed markets (DM). In the developed markets, Australia and Canada outperformed against the backdrop of improved commodities prices as a result of better than expected economic data globally. Within the EM, Latin American and Eastern Europe, the Middle East and Africa (EMEA), outperformed while Asia ex Japan lagged.
Asia Pacific Equity Markets
Asia Pacific equities gained in July 2017, outperforming the broader market index. Within the region, Asia ex-Japan and Australia outperformed against the benchmark while Japan underperformed. During the month, the US Federal Reserve acknowledged that the core inflation would remain below their previous target and signalled a more dovish outlook for interest rates.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities rose in the month of July, outperforming global equities as markets digested sentiment that the US Federal Reserve (Fed) was pivoting to a more accommodative stance with weak US inflation data. Asian markets rallied amid a flurry of strong corporate earnings in the region and as gains oil and commodity prices signalled an improving outlook for the global economy.

July 2017
Global Equity Markets
The MSCI AC World Index was flat in June with the emerging markets (EM) outperforming developed markets (DM). In the developed markets, commodities exporters such as Australia and Canada outperformed while Europe underperformed as the European Central Bank (ECB) signalled monetary tightening ahead. Within the EM, Asia ex-Japan outperformed while Eastern Europe, the Middle East, Africa (EMEA) and Latin America (LATAM) underperformed.
Asia Pacific Equity Markets
Asia Pacific equities gained in June 2017, outperforming global markets and against the broader emerging markets (EM). Within the region, Australia outperformed against the benchmark while Japan underperformed.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities rose in June, outperforming global equities, led by strong gains in technology stocks and positive sentiment following MSCI's inclusion of China 'A' shares into the index starting from June 2018. Despite another US rate hike in June, the US dollar remained benign as data continued to point to a mild economic recovery in the US. Nonetheless, comments by the US Federal Reserve (Fed) that the market and economy could withstand higher rates led to a steepening of the yield curve.

June 2017
Global Equity Markets
The MSCI AC World Index rose in May with the emerging markets (EM) outperforming developed markets (DM). In the developed markets, Europe outperformed as a risk-on sentiment returned with the election of Emmanuel Macron as French President. For the EM, Eastern Europe, the Middle East, Africa (EMEA) and Latin America (LATAM) underperformed.
Asia Pacific Equity Markets
Asia Pacific equities gained in May 2017 which outperformed global markets but underperformed against the broader emerging markets (EM). Within the region, Japan performed in line with the benchmark while Australia underperformed.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities rose in May, outperforming global equities, and in line with the emerging markets. France's election of mainstream pro-EU candidate Macron and continued strong corporate earnings in Asia boosted investors' sentiment. The US dollar remained weak as data continued to indicate a mild economic recovery in the US.

May 2017
Global Equity Markets
The MSCI AC World Index rose in April with the emerging markets (EM) outperforming developed markets (DM). In the developed markets, Europe outperformed with polls showing a centrist in the lead to win the French presidency, while the US, Australia and Japan underperformed. For the EM, Eastern Europe, the Middle East, Africa (EMEA) outperformed while Latin America (LATAM) underperformed.
Asia Pacific Equity Markets
Asia Pacific equities gained in April 2017, underperforming both global markets and the emerging markets (EM) as investors priced in the prospect of geopolitical uncertainties from France to North Korea. Within the region, Japan and Australia underperformed.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities rose in April, outperforming global equities, showing returns that were on par with emerging markets. Weaker US economic data disappointed investors who turned their focus onto cues from the US Federal Reserve on tighter monetary policy. Emerging markets (EM) outperformed the US market, as appetite for higher yielding assets increased on bets that EM would perform strongly in the long term.

April 2017
Global Equity Markets
The MSCI AC World Index rose in March with the emerging markets (EM) outperforming developed markets (DM). In the developed markets, Australia and Europe outperformed while US and Japan underperformed. For the EM, Latin America (LATAM) as well as Eastern Europe, the Middle East, Africa (EMEA) underperformed.
Asia Pacific Equity Markets
Asia Pacific equities gained in March 2017, outperforming global markets as investors sought refuge from US markets after Republicans in Congress failed to pass a healthcare bill intended to replace Obamacare. The index underperformed emerging markets (EM), dragged down by Japan. Within the region, Asia ex-Japan and Australia outperformed.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities rose in March, outperforming global equities and emerging markets, after the US Federal Reserve (Fed) provided certainty on monetary policy that strengthened investor confidence on US economic outlook. Emerging markets (EM) outperformed the US market, as investors sought refuge in the former after Republicans failed to pass a healthcare bill to replace Obamacare in Congress.

March 2017
Global Equity Markets
The MSCI AC World Index rose in February with the emerging markets (EM) outperforming developed markets (DM). In the developed markets, Australia, and the US outperformed while Europe and Japan underperformed.
Asia Pacific Equity Markets
Asia Pacific equities gained in February 2017, underperforming against both global markets and the emerging markets as concerns arose that the US Federal Reserve (Fed) would hike interest rates in March.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities rose in February, outperforming global equities and emerging markets slightly, even as futures indicate a high probability that the US Federal Reserve (Fed) would hike interest rates in March.

February 2017
Global Equity Markets
The MSCI AC World Index rose in January with the emerging markets (EM) outperforming developed markets (DM). In the developed markets, Japan, Australia, Canada outperformed while US and Europe underperformed.
Asia Pacific Equity Markets
Asia Pacific equities gained in January 2016, out performing both global markets and the emerging markets (EM), shrugging off concerns that a newly elected US President Trump would pursue isolationist policies which would dent global trade.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities rose in January 2017, out performing global equities and emerging markets, shrugging off concerns that a newly elected US President Trump would pursue isolationist policies which would dent global trade.

January 2017
Global Equity Markets
The MSCI AC World Index rose in December with the developed markets (DM) outperforming emerging markets (EM). The US Federal Reserve (Fed) continued its hiking cycle with a rate hike during the month as economic conditions continue to show further improvements.
Asia Pacific Equity Markets
Asia Pacific equities gained in December 2016, underperforming global markets but outperforming the emerging markets. Australia outperformed alongside the developed markets (DM) as pessimistic sentiments of a contraction in the country's economy and consumer confidence were offset by rallies in the commodities and oil sector.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities slipped in December 2016, underperforming global equities. The US Federal Reserve (Fed) continued its hiking cycle with a rate hike during the month that saw interest rates rising by a quarter percentage point (0.25%) to 0.75%. Fixed income markets saw a rally in the US 10 year bond yield that dented emerging market (EM) performance across equities and bonds.

December 2016
Global Equity Markets
The MSCI AC World Index rose in November with the developed markets outperforming (DM) emerging markets (EM). Investors rotated capital out to DM from EM, as Donald Trump's election victory sent the greenback higher. Within DM, global market value jumped at the expense of a bond rout amid sentiments that the Federal Reserve will raise interest rates faster than anticipated.
Asia Pacific Equity Markets
Asia Pacific equities gained in November 2016, underperforming global markets while avoiding losses that plagued the emerging markets. Australia outperformed even as the AUD depreciated against the USD. Investors shifted capital to developed markets after a Trump victory that jolted the greenback higher on optimism of planned fiscal expansion.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities were little changed in November 2016, underperforming global markets while avoiding losses that plagued the emerging markets as investors shifted capital to developed markets after a Trump victory that jolted the US dollar higher on optimism of planned fiscal expansion.

November 2016
Global Equity Markets
The MSCI AC World Index rose in October with the emerging markets (EM) outperforming developed markets (DM) as investors priced in sentiments of a Clinton win in the run up to the elections that ultimately failed to materialise. Within DM, Japan outperformed on the back on better trade numbers while both Europe and the US market underperformed. In the EM, Eastern Europe, Middle East and Africa (EMEA) and Latin America (LATAM) outperformed, with the latter market continued to be supported by lower costs of borrowing. Inflation and retail sales continued to be soft alongside weak commodity prices and subdued global growth.
Asia Pacific Equity Markets
Asia Pacific equity markets gained in October driven by Japan stocks that rose as the yen touched a three month low against the dollar that buoyed up exporters' earnings. Australia underperformed, reversing gains from the previous month. Investors remained bullish on a Clinton win in the lead up to election day as markets priced in expectations that global trade would remain business-friendly.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities moved slightly higher in October 2016, underperforming most other emerging markets, but performed slightly better compared to global markets. Investors remained bullish on a Clinton win in the lead up to election day as markets priced in expectations that global trade would remain businessfriendly.

October 2016
Global Equity Markets
The MSCI AC World Index rose in September with the emerging markets (EM) outperforming developed markets (DM) as measures from global central banks to sustain stimulus rekindled appetite for riskier assets in developing nations.
Asia Pacific Equity Markets
Asia Pacific equity markets gained in September on modest gains driven by North Asia and flow funds continuing strongly with investors moving capital out from Europe to Asia Pacific region.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities rose in September 2016, performing in line with most other emerging markets, and outperforming global markets as a whole.

September 2016
Global Equity Markets
The MSCI AC World Index rose in August with the emerging markets (EM) outperforming developed markets (DM). Within DM, Europe outperformed while the US market underperformed.
Asia Pacific Equity Markets
Asia Pacific equity markets gained in August with strong fund inflows on the back of Brexit as global investors moved capital out from Europe.
Asia (excluding Japan) Equity Markets
Asia ex-Japan equities rose in August 2016, outperforming other emerging markets and developed markets. Asia markets benefited from fund inflows as investors looked outside the developed markets for opportunities amid political uncertainty surrounding Brexit.

July 2016
Global Equity Markets
The MSCI AC World Index was marginally lower in June with the emerging markets (EM) outperforming developed markets (DM). Within DM, only the US market outperformed while the Europe and Japan markets underperformed.
Asia Pacific Equity Markets
Asia Pacific equity markets were lower in June on the back of the UK referendum outcome where it voted to exit the European Union. Within the region, Asia ex-Japan outperformed while Australia and Japan underperformed.
Asia (ex Japan) Equity Markets
Asia ex-Japan equities rose in June, outperforming the global equity markets where Developed Markets (DM) underperformed Emerging Markets (EM). Fixed income markets rose in June with G7 bonds being the best performing.

June 2016
Global Equity Markets
The MSCI AC World Index was higher in May with the developed markets (DM) outperforming emerging markets (EM). Within DM, only the US market outperformed while the Europe and Japan markets underperformed
Asia Pacific Equity Markets
Asia Pacific equity markets were lower in May as investors were cautious following a strong performance from the previous month. Within the region, Japan outperformed while Australia underperformed.
Asia (ex Japan) Equity Markets
Asia ex-Japan equities fell in May, underperforming global equities but outperforming other emerging market equities. Emerging markets (EM) underperformed developed markets (DM) even as energy moved higher over the month.

 

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