Chapters
Global equities
Markets were volatile in January, with geopolitics a key driver of sentiment. Rising geopolitical tensions around Venezuela, Iran and Greenland triggered a brief risk-off phase, before sentiment recovered as tariff threats towards Europe were walked back. Despite this volatile backdrop, global equities posted low-to-mid-single-digit positive returns, with emerging markets outperforming developed markets. Gains were fuelled by a broad US dollar sell-off and resilient global data. US equities were supported by cyclicals and strong small-cap performance, while rotation out of mega-cap tech continued. Japanese stocks gained on political momentum and fiscal stimulus, while European equities benefitted from weaker inflation and strength in industrial and defence stocks.
| Indices (total return in local currency) | |
|---|---|
| S&P 500 | 1.4% |
| Nasdaq Composite | 1.0% |
| MSCI ACWI | 3.0% |
| Nikkei 225 | 5.9% |
| EuroStoxx 600 | 3.2% |
| FTSE 100 | 3.0% |
| Hang Seng Index | 6.9% |
| SSE Composite | 3.8% |
Source: Bloomberg as at 30 January 2026.
