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Quarterly Market Outlook

Q1

Global Equity Market Review And Outlook

 

Global equities performance, as measured by the MSCI All Country World Index, increased by +9.4% during the last quarter of 2022. United States (“US”) equities reported a gain of +6.6%, Europe was +19.3%, and Japan was +13.0% (in US Dollar (“USD”) terms) during the same period. Asia Pacific ex Japan (“APAC”) recorded a gain of +11.7% (in USD terms), with Korea (+16.9%), Taiwan (+9.4%), Hong Kong (+17.6%), and China (+13.3%) in USD terms in 4th quarter (“4Q”) 2022. Within ASEAN countries, Philippines +20.9% being the best performer, followed by Thailand +16.0%, Malaysia +13.3%, Singapore +9.8% and Indonesia -3.8% during the same period (in USD terms).

 

Q2

Global Equity Market Review & Outlook

 

Global equities performance, as measured by the MSCI All Country World Index, increased by +2.8% during the month of March 2023. United States (“US”) equities reported a gain of +3.4%, Europe was +1.9%, and Japan was +3.0% (in US dollar (“USD”) terms) during the same period. Asia Pacific ex Japan (“APAC”) recorded gain of +2.5% (in USD terms), with Korea (+4.6%), Taiwan (+2.8%), Hong Kong (+0.8%), and China (+4.5%) in USD terms in March 2023. Within the Association of Southeast Asian Nations (“ASEAN”) countries, Singapore +5.0% being the best performer, followed by Thailand +4.0%, Indonesia +2.0%, Philippines +1.7%, and Malaysia -0.4% during the same period (in USD terms).