Amundi Asia Pacific Market Monthly Commentary - March 2021
Thursday 11 March 2021
Global equity markets got off to a good start in the beginning of February amidst a positive roll-out of vaccines, which continued to support the macroeconomic recovery and repricing of inflationary expectations. However, markets retreated in the latter half of the month amidst worries of higher inflation and tightening financial conditions. Commodity prices staged a rally given the strong global macro momentum as WTI crude prices rose almost 18%, also given the colder weather conditions in the US, which halted production in some refineries. Against this backdrop, MSCI Asia ex Japan Index gained 1.22% in February (in USD terms, net dividends excluded), slightly underperforming the MSCI World Index which gained 2.45% during the month (in USD terms, net dividends excluded).