Amundi Asia Pacific Market Monthly Commentary - December 2020
Tuesday 15 December 2020
Global markets performed strongly even against the backdrop of a contested US presidential election and a still rampant COVID-19 pandemic. Although COVID-19 cases in the US, Europe and Japan have rebounded to a high level, forcing governments to tighten social distancing measures, Pfizer and Moderna both announced their vaccines have more than 90% protection against the COVID-19 illness, giving markets hope that the global economy should recovery in 2021 when the vaccines become widely available. As a result, markets were boosted by this news, with the MSCI Asia ex Japan Index gaining 7.98% in November (in USD terms, net dividends excluded), yet still underperforming the MSCI World Index which saw a gain of 12.66% during the month (in USD terms, net dividends excluded).