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If the boom of the financial markets of 2017 was due to the boom of the world economy, this year has been up to now the pessimists, with the worst start to the year for global equities since 2010.
A mixture of trade tensions between the United States and China, the central banks closing the fund and cooling growth at critical points, including Europe, cleared 1 trillion capitalization of the 39, world index of 47 MSCI countries.
The rising dollar, which had its best first half in three years, and a 16% increase in oil prices played a significant role and affected emerging markets.
The Argentine peso and the Turkish lira fell by 30 and 17%, respectively. Chinese equities fell in bearish territory and those of other emerging markets fell 10, or 17% if a brief rebound in January is excluded.
"People have come to realize that something has changed," said the director. In addition to escalating trade tensions, "it is understood that the major central banks are no longer thinking of stimulating the economy, but are trying to improve their capabilities for"
All n was not a loss
One of Wall Street's major indices, the S & P 500, is clinging to profits and, although the nervousness of the trade war has weakened the Dow Industrial Average Jones, the NASDAQ broke a new record this month
Overall, the FAANGs (Facebook, Amazon, Apple, Netflix and Google) grew by almost 40% while they were lost $ 400 billion in March. it's revealed Facebook had been misusing the data of 50 million users.
The value of Netflix has more than doubled this year, Amazon has increased by 45% and Facebook has been recovered and accumulated an advance of 11 percent. In addition, despite the pressure on China in recent months, the technology giant Alibaba has increased by 11%.
Avoiding the yuan
Among the major currencies, the dollar rose nearly 3% against the euro and nearly 2% against the yen, which serves as a refuge.
For emerging markets, these hikes were a blow. In addition to the lira and the Argentine peso, the Brazilian real fell by 14%, the Indian rupee by 7%, the South African rand by 10% and, despite peak oil, the Russian ruble by 9%.
Emerging MSCIs, which were the stars of last year, fell by 8% and emerging bonds in dollars and local currency fell by 6% and 5% respectively.
However, what caused the most concern was China. 19659002] Stocks entered a bear market this week, after falling 20% since their January highs, while the yuan has just had its worst month.
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