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November 2022 - Asian and Emerging markets up


marchésNovember 2022 - After being hit especially hard by Chinese stocks’ historic rout in October, markets in Asia and emerging economies rebounded significantly in November, posting their best monthly results of the year. The prospect of China’s economy reopening and COVID-19 restrictions easing improved investor confidence in the Chinese market despite the lockdown protests that erupted throughout the country in late November. European and North American stock markets also trended upward, as did the Canadian bond market.

Closing 30-11-2022 Variation vs 31-10-2022 Variation vs 31-12-2021
Interest rate in Canada (%)
Key rate 3.75 0.00 3.50
Commodities ($ US)
Oil (WTI) $80.51 -6.6% +6.9%
Gold $1,753.50 +7.0% -2.9% 
Currencies CAD Variation CAD Variation
EUR / CAD 1.40 +3.6%
JPY / CAD 0.01 -5.7%
USD / CAD 1.35 -1.0%

Sources: Bank of Canada, Fundata.

(MSCI Canada 30-11-2022)
The Canadian stock market rallied along with other global markets and returned 5.5% in November, as measured by the MSCI Canada Index. All sectors but Utilities posted gains during this period, with Financials, Materials and Industrials contributing the most.

(MSCI USA 30-11-2022 in CAD)
The expectation that the U.S. Federal Reserve would slow interest rate hikes bolstered the U.S. market, as the MSCI USA Index returned 5.4% in local currency for the month. A weaker U.S. dollar slightly reduced these gains, as market performance fell to 4.8% in Canadian dollars. All sectors posted positive returns, with Information Technology, Financials and Health Care performing best.

(MSCI Europe 30-11-2022 in CAD)
In Europe, markets also continued to rally, and the MSCI Europe Index ended the month up 7.0% in local currency. The Euro, British pound and Swiss franc all strengthened against the Canadian dollar during the month, driving up the benchmark index performance to 10.7% in Canadian dollars. No sector posted negative returns, and Consumer Discretionary, Information Technology and Materials were among the top performers.

(MSCI Asia-Pacific 30-11-2022 in CAD)
After struggling in October, the Asian market rebounded nicely on the back of the previously mentioned Chinese stock rally. It returned 10.3% in local currency, as measured by the MSCI AC Asia Pacific Index. However, currency movements boosted performance for the period to 14.3% in Canadian dollars. Information Technology, Financials and Consumer Discretionary were the sectors that most contributed to the market rebound.

(MSCI Emerging Markets 30-11-2022 in CAD)
Emerging markets bounced back much like their Asian counterparts. The MSCI Emerging Markets Index returned 11.7% in local currency and 14.1% in Canadian dollars. From a regional perspective, China, Taiwan and South Korea were the top contributors. All sectors posted gains during the period, led by Information Technology and Consumer Discretionary.

Sources: Bank of Canada and MSCI Inc.
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