Escalating geopolitical tensions and hawkish commentary from the Fed unsettled markets in January.

• Global equities ended the month down -4.9% (in USD terms), alongside global government bonds, -1.5% (in USD, unhedged).
• The US 10-year Treasury yield rose from 1.51% to 1.78%.• Growth sectors like IT (-8.2%) and consumer discretionary (-8.0%) bore the brunt of losses however, energy stock prices grew (+13.1%).
• In case of commodities, the S&P GSCI Index recorded a positive return in January’22, driven higher by a sharp increase in energy prices during the month.
• Precious metals also recorded negative performance for the month, with price declines for both gold and silver.
• The world’s largest reserve currency reached an 18-month index high of $97.44 on 28th Jan before paring gains to end the month, finished up nearly 1% in the first month of 2022.

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