Amundi Asia Pacific Market Monthly Commentary - May 2021

Friday 18 June 2021

Market Commentary

Global equity markets were not able to sustain the momentum from previous months as broader risk appetite proved choppy in May amidst concerns related to rising inflation. Whilst COVID-19 cases in UK and US showed an improving trend, India and South-East Asia remain quite serious, raising concerns over a resurge of the number of cases worldwide if vaccines are less effective toward this new variant of COVID-19. Concerns on corporate margins were also apparent in the first half of the month, although dollar weakness helped stage a strong recovery in the latter half.  Against this backdrop, MSCI Asia ex Japan Index was up 1.00% in May (in USD terms, net dividends excluded), underperforming the MSCI World Index which gained 1.26% during the month (in USD terms, net dividends excluded).


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