Summary

Asia Pacific ex-Japan markets did better than other emerging markets, posting a negative return of 2.1% in USD terms as compared to the latter which returned -4.6% in USD terms as it was dragged down by Russia. While the MSCI Australia posted a decline of 2.3% in USD terms for the month, performing worse than the region as a whole, India was the worst performing large market declining 6.0% in USD terms.