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Foreign selling of Kenyan equities continued and contributed to the negative returns of December.
Q4 2018 marked one of the most extreme swings in sentiment that we have seen in decades.
The governor of the Reserve Bank of India’s sudden resignation took the markets by surprise.
Global and Indian debt markets performed strongly in December due to the US-China trade war and continued US Federal Reserve interest hikes.
Despite election results, MSCI India outperformed both MSCI Emerging Markets and MSCI Developed Markets in December.
December 2018 was the worst December performance for US equity markets in 50 years.
Saudi Arabia reduced exports to the US now that mid-terms are over.
November was a bit of a relief month for equity and bond markets, being the first positive in eight months.
November saw a sharp rebound in India’s financial markets as key headwinds suddenly became tailwinds.
Five Indian states are in the process of voting with results due early December
Mainline Indian indices in November outperformed emerging markets by the biggest margin since July 2015.
African markets were flat in the month, with strength in Morocco being offset by weakness in Nigeria and Egypt.
India turns its attention to the results of the state elections, seen as a litmus test for the popularity of Prime Minister Modi and his Bharatiya Janata Party (BJP) as we head towards the general election scheduled for the first half of 2019.
Recently in the UK, the Financial Policy Committee of the Bank of England (FPC), released its latest bi-annual Financial Stability Report, which sets out the views of the FPC on the stability of the UK’s financial system, and what it is doing to reduce or mitigate any risks to that stability.
Fund outperforms in Morocco against African market weakness