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Asset Class Returns since 2011... |
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00:01 -
03/10/23 |
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Stress in the financial system is rising: The value of
global bonds dropped another $428bn this week as the
interest rate world keeps repricing for a higher for longer.
In past quarter, bonds lost ~$1.8tn in value and everyone is
puzzling over who has the losses on their books. |
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There is lots of value in stock markets outside of the US
mega cap stock indexes. |
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German 20y and 30y yields have risen >3%, highest since
2011. The rise in interest rates on long-term bonds has a
much higher leverage on economic development than the rise
in key ECB rates at the short end |
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Brazil is the only country among the major EMs in LatAm that
had positive foreign inflows into its stocks & bonds in Q2
'23 (top right). Mexico (top left) & Colombia (bottom left)
had outflows. Chile was flat (bottom right). Brazil is back
on the radar screen of global markets... |
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