Courtiers Wealth Management
Courtiers Wealth Management

News & Insights

February 2024 – Market Update 

Sit down with James and Leo and find out what’s happened so far this year in the investment space.

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It has been a mixed start to the year for global equity markets. The UK market was hit by disappointing inflation data, which showed that the UK Consumer Prices Index logged an unexpected rise from 3.9% to 4% in December. Despite the small increase, the Bank of England has opted to keep interest rates flat at 5.25% amidst expectations that inflation will decline in the coming months.

The US equity market performed well with hopes of impending rate cuts pushing the S&P 500 index to new all-time highs. Emerging markets on the other hand had a difficult start to the year led by a decline in Chinese equities. Although China’s fourth quarter GDP growth of 5.2% was in line with expectations, it remains low by historic standards.

Full round-up of January market performance

In the UK, the FTSE 100 index fell 1.27% while medium and smaller companies, measured by the FTSE 250 ex IT index and the FTSE Small Cap ex IT index respectively, dropped 1.48% and 2.20%. In the US, the S&P 500 USD index gained 1.68% while in Europe the Eurostoxx 50 EUR index climbed 2.97%. Japanese stocks measured by the Topix JPY index surged 7.81%.

Emerging markets returns were mostly negative, with the MSCI Emerging Markets index declining 3.48% in local currency terms. Latin American equities, measured by the MSCI Latin America local currency index, conceded 3.05% while Indian stocks measured by the Nifty 50 INR index slipped 0.03%. Chinese stocks measured by the MSCI China CNY index slumped 10.43%.

In the fixed income market, UK government bonds, measured by the FTSE Gilts All Stocks index, lost 2.20% with long dated (over 15 years to maturity) gilts falling 4.90%. Sterling denominated corporate bonds, measured by the Markit iBoxx Sterling Corporates index, declined 0.89%. In the high yield market, the Bank of America Merrill Lynch Sterling High Yield index grew 1.61%.

In the commodities market, the S&P GSCI USD index, which consists of a basket of commodities including oil, metals and agricultural items, rose 4.47%. Brent crude oil futures amassed 5.86% during the month. In the precious metals markets, the S&P GSCI Gold and Silver indices returned -0.70% and -3.34% in USD respectively, while in the agricultural markets as corn and wheat futures dipped 4.88% and 5.21% in USD respectively.

In the currency markets, it was a mixed month for the pound as it depreciated 0.34% versus the US dollar but gained 1.67% versus the euro and 3.82% against the yen.

Important information

Issued by Courtiers Asset Management Limited, CAM0423897. 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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