Equity index at all-time high – but has since been pressured by rising interest rates
The benchmark equity index hit an all-time high in mid-February but then fell towards end-February due to rising interest rates.
Global equities gained 2.4% in local currencies and 2.7% translated into DKK according to MSCI ACWI. In February the increases were led by MSCI DM, up by 2.6%, while MSCI EM rose by 1% in local currencies. The rising interest rates created large differences in return across sectors. Equities relating to Energy/Materials and Financials/Insurance obtained the highest return, while equities relating to Utilities, Technology and Health generated the lowest returns.
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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.