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Printed: 03 March 2024 9:46 AM


7 Mar 2023 - Glenmore Asset Management - Market Commentary

By: Glenmore Asset Management

Market Commentary - January

Glenmore Asset Management

February 2023

Equity markets were stronger in January, as investor sentiment shifted toward a potential soft landing (ie. inflation moving back to acceptable target levels without a severe economic downturn). In the US, the S&P 500 rose +6.2%, the Nasdaq was up +10.7%, whilst in the UK, the FTSE 100 increased +4.3%. On the ASX, the All Ordinaries Accumulation Index rose +6.4%, with consumer discretionary and technology sectors outperforming, whilst utilities underperformed, as investors chased cyclical and higher risk exposure.

In bond markets, the US 10 year bond rate fell -31 basis points to close at 3.52%, whilst in Australia, the 10 year yield was broadly flat at 3.55%

Commodity markets were broadly stronger in January. Iron ore rose +10%, gold +6%, and copper +11%. After a very strong rise since mid 2020, thermal coal fell sharply (-35%) and has continued to fall in February month to date. Crude oil declined -2% in the month. The A$/US$ appreciated +4% to close at US$0.70.  

Funds operated by this manager:

Glenmore Australian Equities Fund

Australian Fund Monitors Pty Ltd
A.C.N. 122 226 724
AFSL 324476
Email: [email protected]