The second quarter was pretty busy for traders in most markets.
The chart below shows the scoreboard across major asset classes around the globe.
Despite a ~ 20% crash from its May 22 peak, technically putting it into a bear market, the Japanese Nikkei 225 was still one of the best performers in major global markets in the second quarter, returning 11%.
On the other end of the spectrum, 10-year U.S. Treasury notes lost 8% of their value – a big move that has sparked fears of a global central bank regime shift toward less monetary accommodation and therefore, less financial market liquidity.
The losses in Treasuries also sparked a rout in emerging markets – EM sovereign debt, proxied by JPMorgan’s Emerging Market Bond Index – fell 6%, while EM stocks – proxied by MSCI’s EM index – fell 11%.
The worst performer, of course, was gold. The once-loved precious metal lost a whopping 23% in the second quarter as it fell out of favour with investors.
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