Courtiers Wealth Management
Courtiers Wealth Management

News & Insights

May 2023 – Market Update


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Market volatility eased off in April as fears surrounding the stability of the banking sector began to dissipate. The MSCI World index, which tracks the global developed equity market, increased 1.6% during the month. The VIX index, which measures implied volatility in the US equity market, declined to its lowest level since 2021 towards the end of the month before creeping back upwards over the last few days due to the downfall of another US bank, First Republic.

In the UK, inflation declined 0.3% during March but remained in double figures at 10.1% according to the Consumer Prices Index. Gilt yields trended back upwards during the month, with the 10 year yield climbing from 3.49% to 3.72%. Pound sterling enjoyed another month of strengthening against the US dollar as it surpassed $1.25 for the first time since last June.

Full round-up of April’s market performance

In the UK, the FTSE 100 index gained 3.41% while medium and smaller companies, measured by the FTSE 250 ex IT index and the FTSE Small Cap ex IT index respectively, climbed 3.85% and 3.70%. In the US, the S&P 500 USD index rose 1.56% while in Europe the Eurostoxx 50 EUR index gathered 1.78%. Japanese stocks measured by the Topix JPY index were up 2.70%.

Emerging markets returns were more mixed, with the MSCI Emerging Markets index slipping 0.68% in local currency terms. Chinese stocks were the main reason for the decline, with the MSCI China CNY index dropping 5.03%. Meanwhile Indian stocks measured by the Nifty 50 INR index rose 4.06% and Latin American equities, measured by the MSCI Latin America local currency index, put on 1.98%.

In the fixed income market, UK government bonds, measured by the FTSE Gilts All Stocks index, declined 1.66%, with long dated (over 15 years to maturity) gilts sliding 3.45%. Sterling denominated corporate bonds, measured by the Markit iBoxx Sterling Corporates index, gathered 0.32%. In the high yield market, the Bank of America Merrill Lynch Sterling High Yield index returned 0.38%.

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, dipped 0.76%. Crude oil futures advanced 1.47% during the month. In the agricultural markets, corn and wheat futures slumped 3.71% and 10.47% in USD respectively. In the precious metals markets, the S&P GSCI Gold and Silver indices gained 1.04% and 3.94% in USD respectively.

In the currency markets, it was a positive month for the pound as it appreciated 1.86% versus the US dollar, 0.26% against the euro and 4.45% versus the yen.

Important information

Issued by Courtiers Asset Management Limited, CAM0423756. 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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