Market Commentary - December 2018

After a short-lived relief rally in November, global equity markets experienced sharp declines in December, with the MSCI All Country World Index (MSCI ACWI) posting a negative total return in U.S. dollars of -7.0%.  For the quarter and year to date, the MSCI ACWI posted negative total returns of -12.8% and -9.4% respectively, marking the worst annual performance since the Global Financial Crisis of 2008.  Notably, after leading global markets down in the previous two quarters, the MSCI Emerging Markets Index (MSCI EM) displayed significant relative strength in December, posting a negative total return of just -2.7% compared to MSCI ACWI’s -7.0% decline. 

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Market Commentary - November 2018

Following a sharp decline in October, global equity markets stabilized in November, with the MSCI All Country World Index (MSCI ACWI) posting a positive total return in U.S. dollar terms of 1.5%.  Emerging market (EM) equities had a more impressive relief rally, with a total return in U.S. dollar terms for the MSCI Emerging Markets Index (MSCI EM) of 4.1% for the month compared to a total return of 1.1% for the MSCI World Index (MSCI World) of developed market (DM) stocks.  This marked the first month since March that EM equities outperformed DM equities, and brought year-to-date returns for the MSCI ACWI and MSCI EM to -2.6% and -12.2% respectively. 

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Market Commentary - October 2018

Global equity markets in October suffered their worst monthly decline since 2012, with the MSCI All Country World Index posting a negative total return of -7.5% in U.S. dollar terms. Once again, emerging markets (EM) continued to underperform developed markets (DM), with the MSCI Emerging Markets Index (MSCI EM) posting a negative total U.S. dollar return of -8.7% in October, compared to a decline of -7.3% for the MSCI World Index (MSCI World) of DM stocks.  The damage in October left the MSCI EM down by -15.7% for the year to date compared to a decline of only -2.3% for the MSCI World. 

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