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.
Market Commentary - September 2018
Developed markets (DM) continued to outperform emerging markets (EM) in September, with the MSCI World Index (MSCI World) posting a total return in U.S. dollar terms of 0.6% compared to a decline of 0.5% for the MSCI Emerging Markets Index (MSCI EM). On a quarter-to-date basis, the MSCI World posted a 5.0% total return compared to a 1.1% decline for the MSCI EM. The U.S. was the strongest developed market in the third quarter with a total return of 7.4% for the MSCI USA Index.
Market Commentary - August 2018
The performance of global equity markets was decidedly mixed in August. While the MSCI World Index (MSCI World) posted a positive total return of 1.2% in U.S. dollar terms, the MSCI Emerging Markets Index (MSCI EM) lost 2.7% during the month by the same measure. That brought year-to-date returns for the MSCI World and MSCI EM respectively to a gain of 4.8% and a loss of 7.2%.
Market Commentary - July 2018
Global equities staged a relief rally in July, with the MSCI All-Country World Index (MSCI ACWI) posting a positive total return in U.S. dollar terms of 3.0% on hopes that uncertainties about trade tariffs were beginning to abate. That brings returns for the MSCI ACWI to 2.6% for the year to date in a year when reasonably strong global growth trends were offset in equity markets by concerns over rising U.S. interest rates, weakening emerging market (EM) currencies, and worsening trade tensions.