Amundi Asia Pacific Market Monthly Commentary - May 2020
Friday 17 April 2020
Global markets experienced the most volatile month in years, with sell-offs seen across asset classes and volatility levels at historical highs as indicated by the Chicago Board Options Exchange's Volatility (VIX) indicator. Markets remained under severe pressure from the spread of the coronavirus globally as investors began to price in the impact of lock-downs across several major economies on global growth. The dramatic sell-off in oil prices due to production disagreements between OPEC and Russia created further headwinds. MSCI World Index lost -13.47% (in USD terms, net dividends excluded) against this backdrop. Meanwhile, MSCI Asia ex Japan Index outperformed this and fell -12.24% (in USD terms, net dividend excluded), supported by the relative resilience of Chinese equity markets.