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.
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.