Monthly Commentary
Market volatility continues, but at least it was to the upside during May. US markets rallied this month, with the S&P 500 gaining 6.3%, while the Nasdaq was up 9.7%. It was the S&P’s strongest month since 2023. In the UK, the FTSE 100 gained 3.8%, while Europe’s Stoxx 50 rose by 4%. In the East, Japan’s Nikkei ended 5.3% higher, while the Hang Seng rallied nearly 6%.
Monthly Commentary April 2025
Investors who thought the first quarter was volatile were in for a nasty surprise at the start of the second quarter. April started with one of the steepest two-day declines in market history as the S&P 500 plunged 10%, on par with Black Monday in 1987, the Lehman Brothers rout in 2008, and the Covid plunge in 2020. Both the Nasdaq and S&P 500 briefly flirted with bear markets. The S&P went on to record its worst four-day loss since the 1950’s to start off the month. During the latter half of the month, markets recovered much of the losses suffered during the first few days.
Monthly Commentary March 2025
Global equity markets experienced a torrid month to close the 1st quarter of 2025. In the US, the S&P 500 was down 5.6%, while the Nasdaq and Russell 2000 declined by 8.1 and 6.8% respectively. European markets fared slightly better, with London’s FTSE declining by 2%, and the EuroStoxx 50 by 3.9%. In the East, Tokyo’s Nikkei 225 declined by 3.4%. Hong Kong’s Hang Seng index was one of the few to end the month in the green, gaining 1.1%.
Monthly Commentary February 2025
After a strong start to the year, US markets pulled back in February. The S&P 500 declined by 1.3%, while the tech-heavy Nasdaq declined by 3.9%, as growth stocks retreated from their highs after Nvidia results failed to impress the market. The small cap Russell 2000 had a particularly bad month, declining by 5.4%. UK and European markets continued their strong performance for the year. London’s FTSE 100 was up 2%, while the Euro Stoxx 50 increased by 3.3%. Asian markets experienced very different outcomes, as Japan’s Nikkei 225 decreased by 6%, while Hong Kong’s Hang Seng gained an enormous 13.4% during the month.
Monthly Commentary January 2025
Equity markets across the globe enjoyed a strong start to the new year. In the US, the benchmark S&P 500 increased by 2.8%, while the Nasdaq and small-cap Russell 2000 indices rose by 1.7% and 2.6% respectively. The UK and European markets were particularly strong, with London’s FTSE 100 returning 6.2% and the Euro Stoxx 50 returning 8% for the month. In the East, Hong Kong’s Hang Seng index climbed by 1.2%, while Japan’s Nikkei 225 was one of the few to close the month in the red, declining by 0.8%.
Monthly Commentary December 2024
2024 proved to be another blockbuster year for US markets, but the absence of a December Santa rally to cap it all off, left investors slightly disappointed. The benchmark S&P 500 declined by 2.4% during the month, while the small-cap Russell 2000 declined by more than 8%. The tech-heavy Nasdaq held up surprisingly well, ending 0.6% higher. Elsewhere, London’s FTSE 100 lost 1.3%, the Euro Stoxx 50 increased by 1.9%, Japan’s Nikkei 225 increased by 4.5%, while the Hang Seng also ended 3.3% higher. When looking at annual returns for the S&P 500, this was the best two-year stretch in a quarter century, setting 57 new high all-time highs during 2024 alone.
Monthly Commentary November 2024
Buoyed by the Trump trade, US market delivered strong returns during the month, notching a number of all-time highs along the way. The S&P 500 and Nasdaq Composite were up 5.9% and 6.3% respectively, while the small-cap Russel 2000 jumped 11.0%. Year-to-date (YTD), these indices have now all gained more than 20%, with the S&P and Nasdaq within touching distance of 30%. London’s FTSE 100 also had a green month, gaining 2.6%, but indices across Europe and Asia ended in the red. Japan’s Nikkei and Hong Kong’s Hang Seng indices lost 2.2% and 4.2% respectively, as tariff-related fears weighed on Chinese stocks.
Monthly Commentary October 2024
Equity markets gave up some recent gains with the US’s S&P 500, Nasdaq and small-cap Russell 2000 index declining by 0.9%, 0.5% and 1.4% respectively. UK and Europe fared worse with London’s FTSE falling 1.5% and the Euro Stoxx losing 3.5%. One of the lone indices ending the month in the green was Japan’s Nikkei 225, gaining 3.1%, however this gain was eroded when measured in USD, as the Yen declined by nearly 6% against the greenback.
Monthly Commentary September 2024
The September effect refers to equity markets historically delivering weak returns during September. Not this time. The S&P 500 hit its 42nd record high of the year, and the Dow Jones Index its 32nd. Performance was mainly driven by the soft-landing narrative continuing to look the most likely, as inflation numbers continued to decline, the Federal Reserve cut interest rates by 50 basis points, and the US economy’s growth numbers remained resilient.
Monthly Commentary August 2024
After a fairly volatile July, the start of August saw more of the same, before relative calm returned to markets late in the month. The US unemployment rate climbing for the 4th month in a row sent markets into freefall over fears that the Fed might have left interest rates too high, for too long – effectively steering the economy into a recession.
Monthly Commentary July 2024
After months of seemingly plain sailing for US large caps and tech, July saw some volatility being thrown into the mix as earnings season got underway. The S&P 500 dropped 2.3% in a single day, breaking a 365-day streak without a 2% move or greater.
Monthly Commentary June 2024
Global equity markets delivered vastly different results to close out the first half of the year. In the US, all rooms were sea-facing as the S&P 500 returned 3.6% for the month, largely driven by constituents that also form part of the tech-heavy Nasdaq composite, which returned 6% for the month.
Monthly Commentary May 2024
After a brief respite in April, markets continued their impressive rally in May. In the US, the S&P 500 increased by 4.96%, while the Nasdaq gained nearly 7% during the month as all-things tech continued to shine. In the UK, the FTSE gained 2%, while in the East, the Hang Seng also continued its recovery. It increased by 2.5% during May and has now gained nearly 11% during the last 3 months as the Chinese market reacted positively to the news that Beijing will actively support the stumbling property market.
Monthly Commentary April 2024
After starting the year on the trot, equity markets finally paused for breath in April. In the US, the benchmark S&P 500 gave up 4.1%, while the tech-heavy Nasdaq lost 4.4%, and the small-cap Russell 2000 lost 7.0%. Markets fared better across the pond, with the UK’s FTSE 100 index rising by 2.7%. In the East, there was a large swing in the trend of recent performance, as Japan’s Nikkei declined by 4.9% while Hong Kong’s Hang Seng gained 7.5%, putting it back into green territory for the year.
Monthly Commentary March 2024
Equity markets had another strong run in March – which led to the S&P 500 closing out its best first quarter since 2019 – gaining 3.2% (outperforming the Nasdaq which gained 1.9%). The S&P also outperformed the Nasdaq for the quarter, gaining 10.6% vs the Nasdaq’s 9.3%, as the market’s rally began to broaden in depth. In the UK, the FTSE 100 closed 4.8% higher, but it was up just 4.0% for the quarter. Over in the East, the Nikkei continued its bull run, rising 3.2%, ending the quarter 20.8% higher. The notable underperformer for the quarter was, again, the Hang Seng index, which closed 2.5% lower.
Monthly Commentary February 2024
Global equity markets delivered yet another strong showing during February. In the US, the S&P 500, Russel 2000 and Nasdaq composite all gained more than 5%. UK markets were more muted, with the FTSE 100 returning 0.45%. Performance in the East was strong, with Japan’s Nikkei returning 8%, and even Hong Kong’s Hang Seng Index ending the month almost 7% higher.
Monthly Commentary January 2024
After ending 2023 on a strong note, global equity indices delivered a mixed batch to start off 2024. In the US, both the S&P 500 and Nasdaq improved by 1.68% and 1.04% respectively. The Russel 2000 had a tough start to the year though, dropping by 3.89%. In the UK, the FSTE 100 fell 1.27%, while in the east there were vastly different results on opposite sides of the East China Sea. In Japan, the Nikkei gained 8.4%, while Hong Kong’s Hang Seng Index lost 9.16% in the first month of the year.
Monthly Commentary December 2023
Most global equity markets finished the year on a canter, following on from strong performance in November. In the US, the S&P 500 improved by 4.5%, while the Nasdaq gained 5.6%. Quarter to date, the S&P returned 11.7% and the Nasdaq 13.9%, while for 2023, the S&P returned 26.3% with the Nasdaq gaining an incredible 44.7%. What makes this performance even more staggering is that it occurred in a year where the prevailing narrative was whether the pending recession would be deep or shallow. These numbers again serve to emphasize the importance of staying invested in equity markets.
Monthly Commentary November 2023
Stocks were early to the Santa-rally this year, with most major indices delivering strong returns for the month. In the US, the S&P 500 and Nasdaq returned 9.1% and 10.8% respectively. Across the pond, London’s FTSE 100 returned 2.29% while further East Japan’s Nikkei 225 also had a strong month, returning 8.52%. The notable exception was Hong Kong’s Hang Seng Index, which closed the month marginally in the red. Positive returns were not limited to equities, as US Bond prices also staged a recovery during the month. The yield on 10- and 30-year government bond yields declined by 12.2% and 11.8% respectively, as traders bought up high-yielding bonds in a bet that interest rates will start falling sooner rather than later.
Monthly Commentary October 2023
October was another red month for global equity indices. In the US, the S&P 500 fell 2.1% while the Nasdaq declined by 2.8%. Things did not improve as you look further East. London’s FTSE 100 was down 3.7% while Hong Kong’s Hang Seng Index dropped 3.9%. The MSCI All Country World Index (ACWI) and Emerging Markets Index returned -3% and -3.9% respectively. Commodity indices delivered a mixed bag. Amid global uncertainty, tensions in the Middle East and a rush to safety, gold performed well, increasing by 7.3%. The price of Brent Crude oil declined by 8.3%, as concerns around global demand outweighed fears of oil disruption in the Middle East.
Monthly Commentary September 2023
Most markets experienced another red month to end the 3rd quarter of the year. Globally, the MSCI ACWI lost 4.1%, while in the US, the S&P 500 and Nasdaq indices lost 4.77% and 5.77% respectively. In the East, Japan’s Nikkei lost 1.74%, and Hong Kong’s Hang Seng index dropped by 2.58%. The lone standout this month was London’s FTSE 100 index, which gained 2.4%. Interestingly, September almost exactly mirrors the returns for the 3rd quarter. All major indices, bar the FTSE 100, lost ground during the last 3 months.
Monthly Commentary August 2023
Equity markets experienced a sharp turn-around in August, with most major indices ending deep in the red. In the US, the S&P 500 declined by 1.6%, while the Nasdaq fell by 2%. London’s FTSE 100 fell by 2.6% and in the East, Hong Kong’s Hang Seng Index was down a whopping 8.2%. On a global basis, the MSCI All Country World Index declined by 2.7%, while the MSCI Emerging Markets index fell by 6.1%. On a relative basis, the commodities market was fairly subdued, with Brent Crude oil trading 1.5% higher and gold 1.3% lower. The notable standout here being copper, which fell by 5.8%.
Monthly Commentary July 2023
Equity markets delivered strong performances in July. In the US, the S&P 500 was up 3.2%, while the Nasdaq composite gained 4%. Globally, the MSCI ACWI increased by 3.69%, bolstered by especially strong performance in emerging markets as the MSCI Emerging Market index gained 6.3%. Performance in China was particularly strong, with the Hang Seng index gaining 7.2%. Commodities also had a strong month, with Brent Crude increasing by 14%, and copper by 7%. Natural gas was weak however, declining 5.8%
Monthly Commentary June 2023
Equity markets delivered strong results to end of the 2nd quarter of 2023. The MSCI ACWI returned 5.8%, while in the US both the Nasdaq and S&P 500 were up by 6.6%. Markets in the East also performed well, with Japan’s Nikkei gaining 7.5% and Hong Honk’s Hang Seng Index ending the month 4.5% higher.
Monthly Commentary May 2023
Global equity indices delivered widely varying results during the month of May. In the US, the S&P 500 was up 0.4%, while the Nasdaq gained almost 6%. Across the pond, the London-based FTSE 100 lost 5.04%, and in the East, Hong Kong’s Hang Send index lost nearly 8%, while Japan’s Nikkei 225 gained more than 7%.
Monthly Commentary April 2023
There was a wide dispersion in performance amongst Global equity indices in April. The S&P 500 was up 1.6%, but the Russel 2000 was down 1.8%, and the Nasdaq Composite ended the month flat. Outside of the US, the MSCI ACWI was up 1.5%, but this stood in stark contrast with certain regional indices, amongst them Hong Kong’s Hang Seng, which fell almost 2.5%.
Monthly Commentary March 2023
March was a strong month for global equity indices, capping off a quarter where returns were firmly in the green. The MSCI ACWI was up 3.1%, while the S&P 500 and Nasdaq increased by 3.7% and 7.8% respectively. Things were less rosy in the UK, where the FTSE 100 fell by 2.5%. For the quarter, the S&P 500 was up almost 7.5%, while the Nasdaq improved by a whopping 17%. The FTSE 100 had a less eventful quarter, but still ended up 3.5%.
Monthly Commentary February 2023
After starting the year firmly in the green, most global equity indices gave up gains in February. The S&P was down 2.5%, surprisingly more than the techheavy Nasdaq which fell only 1%. Globally, the MSCI ACWI was down 2.8%, while Hong Kong’s Hang Seng index lost more than 12%. Stocks fared better in Europe, with London’s FTSE and the Euro Stoxx both gaining 1.8%.
Monthly Commentary January 2023
After a tough 2022, equity markets started 2023 strongly. The S&P 500 gained 6.3%, with the Nasdaq rising 10.7%. This optimism was evident across most global markets, with the FTSE 100 rising by 4.3%, the Nikkei by 4.7% and the MSCI ACWI increasing by 7.2%.
