21/09/2023
Market Commentary
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Amundi Asia Pacific Market Monthly Commentary - May 2022
Wednesday 15 June 2022
Market Commentary
Markets delivered a mixed performance in May. The macro backdrop remained volatile, with global sentiment pushed back and forth between hawkish central bank developments, the ongoing geopolitical conflict in Europe and lockdowns in China.
The Federal Reserve hiked rates by 50bps during the month. Fed Chair Powell reiterated the likelihood of further 50bps hikes until a “clear and convincing” cooling in prices. In EM Asia, CPI inflation across the region continued to soar with situation in South Korea and India coming in at multi-year highs. Accordingly, the Reserve Bank of India and the Bank of Korea hiked rates in May by 40bps and 25bps respectively.
Against this backdrop, MSCI Asia ex Japan Index went flat at 0.20% over the month (in USD terms, net dividends excluded), outperforming the MSCI World Index which dipped 0.16% (in USD terms, net dividends excluded). Taiwan outperformed all regional counterparts while India became the major laggard in the region.
