Courtiers Wealth Management
Courtiers Wealth Management

News & Insights

January 2023 – Market Update


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Stock markets failed to deliver a Christmas rally as they ended December the way they had spent much of the year – mostly down. The MSCI World Net TR index, which tracks global developed equities, was down a further 5% during the month. This brings its total decline for the year to -16%, making 2022 the worst year for global stocks since the financial crisis. One market which managed to buck the trend in December was that of China, which saw its stocks rise 4.7% in one day as the Chinese government relaxed some of its Covid rules.

Inflation showed tentative signs of easing last month, with the Consumer Prices Index in the UK coming down from its 41 year high of 11.1% to 10.7%. Despite this, interest rates continued to rise, with the Bank of England applying its eighth rate hike of the year to end 2022 with a base rate of 3.5%. Gilt prices continued to slump as a result, with long-dated gilts in particular declining more than 8% during the month and ending the year down 40%.

Full round-up of December market performance

In the UK, the FTSE 100 index declined 1.49% while medium and smaller companies, measured by the FTSE 250 ex IT index and the FTSE Small Cap ex IT index respectively, returned -1.60% and +1.26%. In the US, the S&P 500 USD index fell 5.76% while in Europe the Eurostoxx 50 EUR index dropped 4.26%. Japanese stocks measured by the Topix JPY index were down 4.57%.

Emerging markets returns were also mostly negative, with the MSCI Emerging Markets index dropping 1.95% in local currency terms. Indian stocks measured by the Nifty 50 INR index fell 3.48% and Latin American equities, measured by the MSCI Latin America local currency index, conceded 3.84%. However there was a small reversal of fortune for China, with the MSCI China local index gaining 4.79%.

In the fixed income market, UK government bonds, measured by the FTSE Gilts All Stocks index, declined 4.09%, with long-dated (over 15 years to maturity) gilts shedding 8.36%. Sterling denominated corporate bonds, measured by the Markit iBoxx Sterling Corporates index, dropped 1.66%. In the high yield market, the Bank of America Merrill Lynch Sterling High Yield index climbed 0.08%.

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, was down 1.38%. Crude oil futures slipped 0.36% during the month. In the agricultural markets, corn and wheat futures delivered 2.49% and 2.66% in USD respectively. In the precious metals markets, the S&P GSCI Gold and Silver indices surged 4.14% and 10.77% in USD respectively.

In the currency markets, the pound picked up 0.21% versus the US dollar but depreciated 2.52% against the euro and 4.82% versus the yen.

Important information

Issued by Courtiers Asset Management Limited, CAM0622697. 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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