# Market developments
Like in developed markets, January saw a clear reversal of last year’s trends in EM equities. The weakest markets of 2022 (China, Korea, Taiwan) showed double-digit returns last month, helped by a recovery of the big four tech and internet stocks, Alibaba (+25%), Tencent (+21%), Samsung (+10%) and Taiwan Semi (+16%). As a result, the Information Technology and Consumer Discretionary sectors were the best performing parts of the market, while defensive sectors such as Utilities and Consumer Staples lagged. Moreover, factor trends also reversed last month: low-risk and high dividend stocks clearly lagged the market, while growth stocks fared well.
Market dashboard	1M	12M	USD return	1M	12M	USD sector returns	1M	12M	Factors (USD)	1M	12M
MSCI EM local	6.5%  -8.4%	Mexico	17.0%  21.0%	Information Technology 13.7% -19.7%	Growth	8.6%  -14.7%
MSCI EM EUR	6.0%  -9.3%	Taiwan	12.7%  -19.3%	Communication Services 13.4%  -16.8%	Value	8.2%  -9.2%
MSCI EM USD	7.9%  -12.1%	South Korea	12.4% -11.6%	Consumer Discretionary 11.5% -6.9%	Market	7.9%  -12.1%
MSCI World USD	7.1%  -7.5%	China	11.8% -10.1%	Materials	7.7%  -7.9%	Equal-weighted 6.8%  -7.7%
S&P 500 USD	6.3%  -8.2%	Brazil	6.9%	8.0%	Real Estate	6.4%  -18.5%	Quality	6.3%  -12.9%
MSCI AC Asia Pac USD	7.9%  -6.7%	South Africa	4.7%  -5.8%	Health Care	5.5%  -7.7%	Small caps	5.9%  -9.1%
USD vs EUR	-1.5%  3.4%	Thailand	3.8%	8.7%	Industrials	4.9%  -1.9%	High Dividend	5.9%  -14.2%
Oil	-1.7%  -10.5%	Indonesia	3.3%	6.4%	Consumer Staples	4.1%  -2.8%	MinVol	3.2%  -9.4%
10yr US (level)	3.51%	Malaysia	2.9%	0.5%	Financials	3.5%  -9.4%	Momentum	1.0%  -21.6%
10yr Europe (level)	2.29%	Saudi Arabia	2.2%  -11.3%	Energy	2.4%  -24.2%
India	-3.0%  -9.5%	Utilities	-3.0%  -6.1%
Source: Robeco, MSCI, Bloomberg

Translation (ENFR, 2023-01-31):
# Évolutions des marchés
Comme cela a été le cas sur les marchés développés, le mois de janvier a été marqué par une nette inversion des tendances de l'année dernière pour les actions émergentes. Les marchés les plus faibles en 2022 (Chine, Corée du Sud, Taïwan) ont affiché des performances à deux chiffres le mois dernier, soutenus par une reprise des quatre grandes valeurs technologiques et Internet, Alibaba (+25 %), Tencent (+21 %), Samsung (+10 %) et Taiwan Semi (+16 %). En conséquence, les secteurs des technologies de l'information et de la consommation cyclique ont été les plus performants du marché, tandis que les secteurs défensifs tels que les services aux collectivités et la consommation de base ont sous-performé. En outre, les tendances factorielles se sont également inversées le mois dernier : les actions à faible risque et à dividendes élevés sont nettement restées à la traîne du marché, tandis que les titres « Growth » se sont bien comportés.
Market dashboard	1M	12M	USD return	1M	12M	USD sector returns	1M	12M	Factors (USD)	1M	12M
MSCI EM local	6.5%  -8.4%	Mexico	17.0%  21.0%	Information Technology 13.7% -1 9.7%	Growth	8.6%  -14.7%
MSCI EM EUR	6.0%  -9.3%	Taiwan	12.7%  -1 9.3%	Communication Services 13.4%  -16.8%	Value	8.2%  -9.2%
MSCI EM USD	7.9%  -12.1%	South Korea	12.4% -11.6%	Consumer Discretionary 11.5% -6.9%	Market	7.9%  -12.1%
MSCI World USD	7.1%  -7.5%	China	11.8% -10.1%	Materials	7.7%  -7.9%	Equal-weighted 6.8%  -7.7%
S&P 500 USD	6.3%  -8.2%	Brazil	6.9%	8.0%	Real Estate	6.4%  -1 8.5%	Quality	6.3%  -12.9%
MSCI AC Asia Pac USD	7.9%  -6.7%	South Africa	4.7%  -5.8%	Health Care	5.5%  -7.7%	Small caps	5.9%  -9.1%
USD vs EUR	-1.5%  3.4%	Thailand	3.8%	8.7%	Industrials	4.9%  -1.9%	High Dividend	5.9%  -14.2%
Oil	-1.7%  -10.5%	Indonesia	3.3%	6.4%	Consumer Staples	4.1%  -2.8%	MinVol	3.2%  -9.4%
10yr US (level)	3.51%	Malaysia	2.9%	0.5%	Financials	3.5%  -9.4%	Momentum	1.0%  -21.6%
10yr Europe (level)	2.29%	Saudi Arabia	2.2%  -11.3%	Energy	2.4%  -24.2%
India	-3.0%  -9.5%	Utilities	-3.0%  -6.1%
Source: Robeco, MSCI, Bloomberg