Courtiers Wealth Management
Courtiers Wealth Management

News & Insights

February 2023 – Market Update


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After suffering their worst year since the global financial crisis, equity markets bounced back in the first month of 2023. The MSCI World NR index, which tracks the global developed equity market, rose 6.50% in January, amidst expectations that central banks would ease rate hikes over the coming year. European stocks in particular saw a healthy bounce during the month, with the Eurostoxx 50 NR index climbing nearly 10% in its best performing January to date.

Inflation continued to recede slightly from its recent 40 year highs last month as the UK Consumer Prices Index lowered from 10.7% to 10.5%, while in the US inflation fell below 7% for the first time in a year. Bond yields also dropped back as a result, with the 10 year gilt yield slipping from 3.67% to 3.32% during the month. However the Bank of England is still expected to increase rates for the tenth time in fourteen months this week.

Full round-up of January market performance

In the UK, the FTSE 100 index gained 4.35% while medium and smaller companies, measured by the FTSE 250 ex IT index and the FTSE Small Cap ex IT index respectively, gathered 6.59% and 5.19%. In the US, the S&P 500 USD index rose 6.28% while in Europe the Eurostoxx 50 EUR index surged 9.93%. Japanese stocks measured by the Topix JPY index were up 4.42%.

Emerging markets returns were also mostly positive, with the MSCI Emerging Markets index climbing 6.55% in local currency terms. Latin American equities, measured by the MSCI Latin America local currency index, gained 5.92% and Chinese stocks measured by the MSCI China local index jumped 11.75%. However Indian stocks measured by the Nifty 50 INR index fell 2.45%

In the fixed income market, UK government bonds, measured by the FTSE Gilts All Stocks index, rose 2.56%, with long-dated (over 15 years to maturity) gilts gathering 3.91%. Sterling denominated corporate bonds, measured by the Markit iBoxx Sterling Corporates index, grew 3.99%. In the high yield market, the Bank of America Merrill Lynch Sterling High Yield index returned 3.56%.

There were mixed returns in the commodities market. The S&P GSCI USD index, which consists of a basket of commodities including oil, metals and agricultural items, moved -0.09%. Crude oil futures slipped 1.73% during the month. In the agricultural markets, corn and wheat futures delivered 0.18% and -3.88% in USD respectively. In the precious metals markets, the S&P GSCI Gold and Silver indices returned 6.02% and -0.45% in USD respectively.

In the currency markets, it was a positive month for the pound as it appreciated 1.96% versus the US dollar, 0.43% against the euro and 1.15% versus the yen.

Important information

Issued by Courtiers Asset Management Limited, CAM0223708. Courtiers Asset Management Limited is Authorised and Regulated by the Financial Conduct Authority – Register No: 616322. Address: 18 Hart Street, Henley on Thames, Oxfordshire RG9 2AU. Tel: 01491 578368.

Past performance is not a reliable indicator of future returns. The value of investments, and the income from them, can go down as well as up and is not guaranteed and you may not get back the amount originally invested. Any forecast, projection or target where provided is indicate only and is not guaranteed in any way. Certain types of funds might carry a greater investment risk than other investment funds. Further details of the risks are associated with investing in Courtiers funds can be found in the Key Investor Information Document or Prospectus, copies of which are available on request or at


This communication is for information purposes only and should not be relied upon in making an investment decision. The views expressed by individuals and the business are based on market conditions at the date of issue and are subject to change without notice. The mention of any stocks or shares should not be taken as recommendation to deal and does not take into account the individual investor’s investment objective or risk profile. Where an investment or security is denominated in a different currency to the investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. Any third party sites, or pages which are linked to the document, have not been reviewed by us and therefore we accept no responsibility for the authors or content of external link or pages. If you are interested in any of Courtiers Asset Management Limited’s range of funds, or require any financial advice, please speak to a financial adviser.

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