In the month ending on October 31, 2023, Asian markets remained weak, along with global equities, due to investors becoming more risk-averse as a result of a spike in bond yields. Defensive sectors such as Healthcare, Telecoms, and Consumer Staples experienced weakness, as did economically sensitive sectors like Technology, Basic Materials, Energy, Industrials, and Real Estate. The MSCI India Index fell 2.38% in sterling terms, with all sectors in the red except Consumer Staples and Real Estate. Listed equities in the multi-asset class continued to decline due to higher interest rates and recessionary concerns.
US equities ended lower in October, although the US economy, particularly the labor market, remained relatively robust. Annual inflation, while declining, still exceeded the Federal Reserve's 2% target. Real estate total returns for September were -0.2%, compared to 0.1% in August, according to the MSCI Monthly Index. In the UK, the FTSE All-Share fell by 4.1% on a total return basis in GBP, with large-cap companies outperforming the mid-cap FTSE 250 Index.
The monthly reports for various investment trusts managed by abrdn are available, including the abrdn Asia Focus plc, abrdn Asian Income Fund Limited, abrdn China Investment Company Limited, abrdn Diversified Income and Growth plc, abrdn Equity Income Trust plc, abrdn European Logistics Income plc, abrdn New India Investment Trust plc, abrdn Private Equity Opportunities Trust plc, abrdn Property Income Trust Limited, abrdn Smaller Companies Income Trust plc, abrdn UK Smaller Companies Growth Trust plc, Asia Dragon Trust plc, Dunedin Income Growth Investment Trust PLC, Murray Income Trust PLC, Murray International Trust PLC, Shires Income PLC, The North American Income Trust plc, and UK Commercial Property REIT.
abrdn also provides updates on investing in Asia's green transition, a podcast featuring the manager of Dunedin Income Growth Investment Trust discussing ESG public policy, and an episode of the Emerging Markets Equities podcast evaluating the AI revolution within emerging markets.
Please note that investment involves risk, and the value of investments and income can go down as well as up. Past performance is not a guide to future results.