February 05, 2024

Performance Insights - February 2024

Monthly report

Markets sober up in January from year-end highs

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Global stock and bond market performance moderated and diverged in January from the broad-based year-end rally. Long yields in the US, UK and Europe rose from their year-end lows challenging long-duration bond performance, as markets recalibrated expectations for the timing of anticipated policy rate cuts. Rising geopolitical tensions were supportive of the USD and crude oil.

Key highlights:

  • Global asset classes – Growth and rate expectations underpin diverging performance 
  • Global equities – Japan, Europe and US outperform
  • Industry returns – Health care bolsters returns
  • Alternative indices – REITs underperform
  • Factor performance – (Small) Size lags, Momentum outperforms 
  • Foreign exchange – USD appreciates broadly

This report provides actionable insights on global performance across asset classes, regions, currencies, industries and styles, using proprietary month-end data from our flagship index families.

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