Global Market Commentary: March 2026

Markets reprice as energy shock drives risk-off sentiment Global markets moved into a broad risk-off phase in March as geopolitical tensions, higher energy prices and rising yields weighed on sentiment…

Continue Reading

Emerging Markets update: The month of January in review

Global markets delivered a mixed performance over the month as investors navigated a patchy environment amid a renewed bout of volatility. Concerns that enthusiasm around artificial intelligence (AI) may have run ahead of fundamentals resurfaced, while several regions also faced local macroeconomic headwinds. As a result, market conditions were characterised by uneven returns and shifting investor sentiment.

Continue Reading

Global Market Commentary: January 2026

Risk assets rally as commodities surge and the dollar softens Global risk assets opened 2026 on a firmer footing, with equities higher across most major regions and emerging markets leading performance amid…

Continue Reading

China beyond manufacturing: Automation and the rise of services

In late 2025, Chinese equities completed a full cyclical transition, moving from a period of volatile consolidation and policy support to a pre-New Year rally. The A-share market came under pressure in November before rebounding. Investor sentiment weakened amid debates around the sustainability of the AI narrative and a marginal tightening in liquidity conditions, prompting a rotation into defensive sectors such as banking and pharmaceuticals. The MSCI China A Onshore Index outperformed significantly in December (+4.8%). The MSCI China Index dipped (- 1.5%) while the China All Shares Index remained flat (+0.4%). On a full-year basis, all three indices delivered strong double-digit growth: MSCI China (+28.1%), MSCI China A Onshore (+27.0%), and MSCI China All Shares (+25.9%).

Continue Reading