The MSCI AC Asia ex Japan (AxJ) Index rose by 1.3% in US dollar (USD) terms, outperforming the MSCI AC World Index and bringing year-to-date returns to 31.1%. This was the eighth straight month of positive returns. China led peers within North Asia, supported by gains in internet companies and banks. Korea was the worst performer within AxJ as North Korea’s nuclear tests rattled the market.