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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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