Insights

Negative returns across the risk spectrum in February

All-loss in February as opposed to all-gain in January, driven by the interest rate development in both months. In recent weeks, the financial markets have had renewed doubts about the ability of the major central banks to steer the synchronised monetary tightening cycle into a soft economic landing.

December saw negative returns across the risk spectrum

The negative sentiment returned to the financial markets in December. The development led to relatively large and broad-based losses on both risk-free and risk assets.

November saw high returns across the risk spectrum

Almost all financial asset classes delivered high returns in November. This trend is most likely ascribable in part to consumer prices in the U.S. and Europe starting to show lower annual rates of increase in some areas.

From risk aversion to risk appetite in October

October was characterised by risk asset growth, while risk-free assets were more challenged. According to MSCI ACWI, global equities gained 5.1% in October, stated in local currencies, or 4.2% in DKK. At sector level, the returns were positive for all sectors except Real Estate, Consumer Discretionary and Communications. The returns were highest for Energy and Industrials.