Monthly Income monthly commentary - January 2024

The recent pace of equity market gains slowed in January as markets took stock after a very strong fourth quarter of 2023. Global equities delivered a modest 0.7% return, with developed markets outperforming emerging markets. Despite a major earthquake, Japan was the top-performing regional equity market. It jumped 4.7% amid strong investment inflows. Meanwhile, China’s ongoing market rout helped pull emerging market equities down 4.5% with similar losses across Asian markets. Global bond markets gave up ground following a spectacular end to 2023, with UK gilts among the biggest casualties of the month.