.
Oil markets have been even more dizzying. Brent might be down nearly 40 per cent for the year overall, but its second-quarter rebound of 80 per cent is its best since 1990 when markets were worrying about the first Gulf War. A breakdown of the best- and worst-performing stocks also tells the story of the pandemic, which has claimed over half a million lives and sent unemployment spiralling.
As a result, the dollar has given back all of the gains against big currencies like the euro but with the Fed also scooping up companies' bonds, global corporate debt is up 8 per cent for the second quarter having skidded 5 per cent in the first quarter.Louie Douvis In March alone, international investors withdrew more than $US80 billion from EM economies, the largest single-month capital outflow on record, although money has started to trickle back again.Credit Suisse's global chief investment officer Michael Strobaek
"Markets are looking through the COVID cases now and taking the view that in six months time, if we do see a rebound, high yield and EM assets are going to do very well."Among the major currencies there have been some milestone moves too. Australia's dollar, which is often seen as a proxy for China's fortunes due to the metals Australia sells there, has had its best quarter since 2010.
It’s also completely controlled by the Fed.
to make money.
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