Investors are shunning safe assets in favour of risky ones
a year of mood swings in financial markets. In the spring and summer, anxious investors piled into the safety of government bonds, driving yields down sharply. Yields have recovered in recent weeks . This is not the only sign that investor sentiment has improved.
In general, safe assets have been sold in favour of cyclical ones. The Australian dollar, a cyclical currency, is up against the yen, a haven for the fearful. Something similar is happening in commodity markets, where the price of copper, a barometer of global industry, has risen against the price of gold .Equity prices in America have reached a new peak. But what is more striking is the performance of cyclical stocks relative to defensive ones.
Investors have also begun to embrace assets at the riskier end of the spectrum. A host of emerging-market currencies have gained against the dollar since the start of October ."Sentimental journey"
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