# Market developments
The MSCI EM outperformed the MSCI World as Chinese tech stocks showed a remarkable recovery last month: Tencent rose 40%, Alibaba +30%, JD.com +51% and Meituan +31%. As a result, China was by far the most positive country index in November, rising 26% in USD. Moreover, the Taiwanese market rose 22% as index heavyweight Taiwan Semi added 26% to its market value last month, although its YTD loss still stands at -30%.
In contrast to the Chinese and Taiwanese markets, the Saudi Arabian and Brazilian market showed a negative return, mainly as banking stocks in both countries experienced a setback after a very positive run. All in all, market patterns in EM last month were a clear reversal of YTD trends.
Market dashboard	1M	12M	USD return	1M	12M	USD sector returns	1M	12M	Factors (USD)	1M	12M
MSCI EM local	11.7%  -12.5%	China	29.7%  -28.1%	Real Estate	35.7%  -17.0%	Growth	16.2%  -22.5%
MSCI EM EUR	10.2%  -9.7%	Taiwan	22.2%  -21.7%	Consumer Discretionary   25.8%  -26.2%	Value	15.6%  -11.4%
MSCI EM USD	14.8%  -17.4%	South Africa	19.6%	4.3%	Communication Services  22.7%  -32.3%	Market	14.8%  -17.4%
MSCI World USD	7.0%  -10.9%	South Korea	14.9%  -20.8%	Information Technology  18.1%  -24.4%	High Dividend	14.5%  -12.3%
S&P 500 USD	5.6%	-9.2%	Thailand	10.6%	7.7%	Materials	13.9%  -9.4%	Equal-weighted  13.1%  -16.1%
MSCI AC Asia Pac USD	15.0%  -15.4%	Malaysia	8.8%	-3.5%	Industrials	12.8%  -5.3%	Quality	12.0%  -15.4%
USD vs EUR	-5.0%	9.0%	Mexico	6.0%	18.9%	Consumer Staples	10.7%  -7.8%	Small caps	9.4%  -13.7%
Oil	-6.9%  21.7%	India	5.2%	1.0%	Health Care	10.1%  -29.0%	MinVol	8.8%  -10.0%
10yr US (level)	3.61%	Indonesia	0.6%	9.6%	Financials	7.8%	-3.7%	Momentum	4.5%  -22.5%
10yr Europe (level)	1.93%	Brazil	-2.9%  22.8%	Energy	7.4%  -16.8%
Saudi Arabia	-7.2%	3.2%	Utilities	7.1%	3.2%
Source: Robeco, MSCI, Bloomberg

Translation (ENFR, 2022-11-30):
# Évolutions des marchés
Le MSCI EM a surperformé le MSCI World, les valeurs technologiques chinoises ayant connu une reprise remarquable le mois dernier. Tencent a en effet progressé de 40 %, Alibaba de 30 %, JD.com de 51 % et Meituan de 31 %. En conséquence, la Chine a été de loin l'indice pays le plus positif en novembre, en hausse de 26 % en USD. En outre, le marché taïwanais a progressé de 22 %, le poids lourd de l'indice Taiwan Semi ajoutant 26 % à sa valeur boursière le mois dernier, bien que ses pertes depuis le début de l'année s'élèvent toujours à -30 %.
Contrairement aux marchés chinois et taïwanais, les marchés saoudien et brésilien ont affiché un performance négative, principalement en raison du recul des valeurs bancaires dans ces deux pays après un excellent parcours. Dans l'ensemble, les tendances des marchés émergents se sont clairement inversées le mois dernier par rapport à celles observées jusque-là cette année.
Market dashboard	1M	12M	USD return	1M	12M	USD sector returns	1M	12M	Factors (USD)	1M	12M
MSCI EM local	11.7%  -12.5%	China	29.7%  -28.1%	Real Estate	35.7%  -17.0%	Growth	16.2%  -22.5%
MSCI EM EUR	10.2%  -9.7%	Taiwan	22.2%  -21.7%	Consumer Discretionary   25.8%  -26.2%	Value	15.6%  -11.4%
MSCI EM USD	14.8%  -17.4%	South Africa	19.6%	4.3%	Communication Services  22.7%  -32.3%	Market	14.8%  -17.4%
MSCI World USD	7.0%  -10.9%	South Korea	14.9%  -20.8%	Information Technology  18.1%  -24.4%	High Dividend	14.5%  -12.3%
S&P 500 USD	5.6%	-9.2%	Thailand	10.6%	7.7%	Materials	13.9%  -9.4%	Equal-weighted  13.1%  -16.1%
MSCI AC Asia Pac USD	15.0%  -15.4%	Malaysia	8.8%	-3.5%	Industrials	12.8%  -5.3%	Quality	12.0%  -15.4%
USD vs EUR	-5.0%	9.0%	Mexico	6.0%	18.9%	Consumer Staples	10.7%  -7.8%	Small caps	9.4%  -13.7%
Oil	-6.9%  21.7%	India	5.2%	1.0%	Health Care	10.1%  -29.0%	MinVol	8.8%  -10.0%
10yr US (level)	3.61%	Indonesia	0.6%	9.6%	Financials	7.8%	-3.7%	Momentum	4.5%  -22.5%
10yr Europe (level)	1.93%	Brazil	-2.9%  22.8%	Energy	7.4%  -16.8%
Saudi Arabia	-7.2%	3.2%	Utilities	7.1%	3.2%
Source: Robeco, MSCI, Bloomberg