Trillions of dollars wiped off world stocks, bond market tantrums, whip-sawing currency and commodities and the collapse of a few crypto empires – 2022 has been perhaps the most turbulent year investors have ever seen, and for good reason. | Reuters
U.S. Treasuries and German bonds, the benchmarks of global borrowing markets and traditional go-to assets in troubled times, lost 16 percent and 24 percent respectively in dollar terms.
Drama kicked in as soon as it became clear that COVID was not going to shutter the global economy again and the world’s most influential central bank, the U.S. Federal Reserve, was serious about raising interest rates. Hard-pressed Egypt devalued its currency more than 36 percent. Ghana’s cedi crashed 60 percent as it has joined Sri Lanka in default. Despite being well down from its June highs, Russia’s rouble is still the world’s second-best performing currency supported by Moscow’s capital controls. It was initially smashed after the invasion of Ukraine.
Chinese stocks have staged a late rally thanks to signs that its zero-COVID policy’s days are numbered but they are still down 25 percentand emerging market ‘hard currency’ government debt will notch its first ever back-to-back loss.
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