Amundi Asia Pacific Market Monthly Commentary - May 2020
Tuesday 21 July 2020
Global markets continued strengthen as more and more countries started easing lockdowns. However, new infections spiked after the re-opening of economies put questions on the recovery path. Furthermore, US-China tensions have not eased as the US imposed a ban on the export of sensitive military items to Hong Kong, following the passing of the new National Security Law. MSCI World Index continued to rally with a gain of 2.51% (in USD terms, net dividends excluded) during the month as investors cheered the re-opening of economies, despite the resurgence of rising confirmed cases. In comparison, the MSCI Asia ex Japan Index outperformed, up 7.87% (in USD terms, net dividends excluded).