Returns on risky assets take the lead in March
Several benchmark equity indices reached record-high levels in late March as increases in government bond yields began to flatten.
Global equities gained 3.5% in local currencies and 5.6% translated into DKK according to MSCI ACWI. In March the increases were, once again, led by MSCI DM, up by 4.2%, while MSCI EM fell by 0.9% in local currencies. Despite the strong risk appetite, the returns pattern was somewhat more blurred across equity sectors. In March, returns were led by the Utilities and Consumer Staples sectors, while Technology and Consumer Discretionary 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.
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.