Amundi Asia Pacific Market Monthly Commentary - February 2021
Friday 16 April 2021
The selloff of global fixed income continued into March. The global vaccination rollout faces some hiccups but is generally progressing well in major developed economies such as Europe, the US and UK. Oil prices, closer to month-end, were more volatile due to the Suez canal being blocked by a container ship. On the other hand, global equity markets continued to appreciate in March, driven higher by US and European equities. Emerging Markets (EM) were dragged down by the strength of the US dollar, which rose amidst the American exceptionalism rhetoric. Against this backdrop, MSCI Asia ex Japan was the worst performing region, generating losses of -2.66% in March (in USD terms, net dividends excluded), underperforming the MSCI World Index which gained 3.11% during the month (in USD terms, net dividends excluded).