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February 2024 Update

Making The News

Japan’s Nikkei index hits a record high on 22 February, surpassing its 1989 peak after a year-long rally driven by cheap valuations, corporate reforms and investment flows diverted from a battered Chinese stock market.

EM outperformed DM by +0.5% in February. Chinese equities, which have been a major drag on EM performance over the last 4 months, rallied strongly in February as the market welcomed new stimulus measures [i.e., The People’s Bank of China cut the reserve requirement ratio (RRR) for banks by 50-basis points on Feb. 5, the biggest in two years, releasing 1 trillion yuan ($139.03 billion) in long-term liquidity]. The CSI 300, Nasdaq Golden Dragon China Index and Shanghai Composite were all up +9.1%, +12.3% and +8.1% respectively in USD.

January 2024 Update
March 2024 Update