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Amundi Asia Pacific Market Monthly Commentary - February 2022
Tuesday 15 March 2022
Market Commentary
Global equity markets remained under pressure in February. Amid the escalation of geopolitical conflict in Europe, Brent oil soared above US$100/barrel. Despite the prospect of elevated commodity prices, Asian central banks like those in India and China retained their accommodative stance.
Southeast Asian economies continued to recover and ease quarantine rules. Manufacturing PMI indices for the region remained broadly expansionary as factory activities picked up.
Against this backdrop, MSCI Asia ex Japan Index was down 2.40% in February (in USD terms, net dividends excluded), outperforming the MSCI World Index which returned -2.65% (in USD terms, net dividends excluded). The outperformance was attributed by a rally in ASEAN energy-related names. That said, markets across Asia displayed a wide range of performance during the month – Malaysia and Indonesia delivered a robust growth, while India and China plunged.
