# Market developments
Emerging market came under renewed pressure in September, underperforming developed markets: The MSCI EM dropped 11.7% in USD versus -9.3% for the MSCI World. This makes September 2022 the worst month for the MSCI EM Index since March 2022. The MSCI AC Asia Pac (USD) experienced its weakest month since 2008, dropping 11.9%.
The main reason was the double-digit declines for index heavyweights Alibaba (-16%), Tencent (-19%), Samsung (-11%) and Taiwan Semi (-16%), as part of a broader sell-off for Asian tech, internet and platform stocks.
As a result, the Chinese, Taiwanese and Southern Korean markets, together 58% of the MSCI EM Index, were once again the weakest major country indices in EM. Positive exceptions were found in Latin America, as Mexican stocks such as America Movil (+1%), Walmart de Mexico (+8%) and Brazilian stocks such as Itau Unibanco (+9%), Vale (+12%) and Banco Bradesco (+5%) rose in value last month.
Market dashboard	1M	12M	USD return	1M	12M	USD sector returns	1M	12M	Factors (USD)	1M	12M
MSCI EM local	-9.4%  -21.5%	Mexico	-0.4%	-7.4%	Consumer Staples	-5.1%  -1 7.8%	MinVol	-7.5%  -17.3%
MSCI EM EUR	-9.4%  -15.0%	Indonesia	-0.7%  14.3%	Financials	-7.7%  -14.3%	High Dividend	-8.3%  -24.8%
MSCI EM USD	-11.7%  -28.1%	Brazil	-3.3%	4.3%	Materials	-8.2%  -26.3%	Momentum	-8.5%  -28.6%
MSCI World USD	-9.3%  -1 9.6%	Thailand	-6.3%	-6.8%	Real Estate	-9.8%  -31.9%	Quality	-8.6%  -24.1%
S&P 500 USD	-9.2%  -15.5%	India	-6.4%	-9.9%	Utilities	-10.8%  -8.0%	Small caps	-10.0%  -23.2%
MSCI AC Asia Pac USD	-11.9%  -27.7%	Saudi Arabia	-7.5%	1.9%	Energy	-11.0%  -30.1%	Equal-weighted  -11.0%  -26.7%
USD vs EUR	2.6%	18.1%	South Africa	-8.9%  -1 9.2%	Industrials	-12.3%  -20.8%	Value	-11.3%  -25.1%
Oil	-11.2%  5.9%	Malaysia	-9.8%  -15.9%	Health Care	-12.5%  -42.8%	Market	-11.7%  -28.1%
10yr US (level)	3.83%	China	-14.6%  -35.4%	Consumer Discretionary  -14.4% -33.7%	Growth	-13.0%  -31.9%
10yr Europe (level)	2.11%	Taiwan	-15.8% - 30.5%	Communication Services -15.1% -36.2%
South Korea	-1 8.3%  -40.7%	Information Technology  -16.4%  -36.1%
Source: Robeco, MSCI, Bloomberg

Translation (ENFR, 2022-09-30):
# Évolutions des marchés
Les marchés émergents ont subi de nouvelles pressions en septembre, sous-performant les marchés développés. L'indice MSCI EM (en dollars) a cédé 11,7 % contre -9,3 % pour l'indice MSCI World. Le mois de septembre 2022 est donc le pire qu'a connu l'indice MSCI EM depuis mars 2022. L'indice MSCI AC Asia Pac (dollars) a enregistré son mois le plus faible depuis 2008, en cédant 11,9 %.
Ceci s'explique principalement par les baisses à deux chiffres des poids lourds de l'indice Alibaba (-16 %), Tencent (-19 %), Samsung (-11 %) et Taiwan Semi (-16 %) lors d'une correction touchant plus largement les actions des plateformes, sociétés de l'Internet et sociétés technologiques asiatiques.
En conséquence, les marchés de la Chine, de Taïwan et de Corée du Sud, soit 58 % de l'indice MSCI EM, ont été à nouveau les grands indices pays émergents les plus faibles. Il y a eu des exceptions positives en Amérique latine, puisque les actions mexicaines America Movil (+1 %) et Walmart de México (+8 %) ainsi que les actions brésiliennes Itaú Unibanco (+9 %), Vale (+12 %) et Banco Bradesco (+5 %) ont progressé le mois dernier.
Market dashboard	1M	12M	USD return	1M	12M	USD sector returns	1M	12M	Factors (USD)	1M	12M
MSCI EM local	-9.4%  -21.5%	Mexico	-0.4%	-7.4%	Consumer Staples	-5.1%  -1 7.8%	MinVol	-7.5%  -17.3%
MSCI EM EUR	-9.4%  -15.0%	Indonesia	-0.7%  14.3%	Financials	-7.7%  -14.3%	High Dividend	-8.3%  -24.8%
MSCI EM USD	-11.7%  -28.1%	Brazil	-3.3%	4.3%	Materials	-8.2%  -26.3%	Momentum	-8.5%  -28.6%
MSCI World USD	-9.3%  -1 9.6%	Thailand	-6.3%	-6.8%	Real Estate	-9.8%  -31.9%	Quality	-8.6%  -24.1%
S&P 500 USD	-9.2%  -15.5%	India	-6.4%	-9.9%	Utilities	-10.8%  -8.0%	Small caps	-10.0%  -23.2%
MSCI AC Asia Pac USD	-11.9%  -27.7%	Saudi Arabia	-7.5%	1.9%	Energy	-11.0%  -30.1%	Equal-weighted  -11.0%  -26.7%
USD vs EUR	2.6%	18.1%	South Africa	-8.9%  -1 9.2%	Industrials	-12.3%  -20.8%	Value	-11.3%  -25.1%
Oil	-11.2%  5.9%	Malaysia	-9.8%  -15.9%	Health Care	-12.5%  -42.8%	Market	-11.7%  -28.1%
10yr US (level)	3.83%	China	-14.6%  -35.4%	Consumer Discretionary  -14.4% -33.7%	Growth	-13.0%  -31.9%
10yr Europe (level)	2.11%	Taiwan	-15.8% - 30.5%	Communication Services -15.1% -36.2%
South Korea	-1 8.3%  -40.7%	Information Technology  -16.4%  -36.1%
Source: Robeco, MSCI, Bloomberg