Deutsche Bank om den seneste måned bedst og værst performende aktivklasser:
Volatility aside October was pretty much a month of two halves with the turn arriving at around the mid-way mark. Generally both equities and fixed income did well with the latter retracing some of the gains as the bid for safety assets moderated. Soft commodities (Corn and Wheat) aside, equities took up half of the top 10 best performers in October. The Russian MICEX, the Hang Seng, the S&P 500, Shanghai Composite and the Nikkei were up +5.7%, +4.8%, +2.4%, +2.4% and +1.5%, respectively on a total return basis. The Hang Seng reversed most of the protest-led losses in September whilst the Nikkei received a treat on the very last day of October following the BoJ’s surprise move to add more stimulus. On a total return basis US HY credit (+1.5%) was one of the better performers in October although it did also benefit from a solid performance in rates. Treasuries were up as much as +2.3% in mid-October before giving back some of those gains to close 1.1% up on the month. Staying in fixed income core rates markets were also stronger in October with Bunds and Gilts adding +0.6% and +1.4%, respectively. The European peripheral complex was weaker though. Italian bonds and equities were down -0.4% and -5.3% in October. Spanish and Portuguese equity markets were also down -2.8% and -8.3%, respectively. But the worst performer in October goes to Greek equities with the Athex index losing nearly 14% after having lost nearly 9% in September. In fact Greek equities are now the worst performing YTD asset class in our sample, now down 21% in local currency terms and 28% in USD terms. Elsewhere the EM complex also had a good October with the MSCI EM equities index and EM bonds up 1.2% and 1.6% respectively.
Before we wrap up, October was also the month where Oil officially dipped into bear market territory after a monthly decline of 12% in WTI and 10% in Brent. The Dollar strength probably didn’t help although in reality the decline was also driven by concerns around aggregate demand. The Dollar gained 1.1% against major currency pairs to mark its fourth consecutive monthly gain whilst the JPY has depreciated to a 2007 low. Our usual performance table and charts included in the PDF. It has all the YTD performance charts and data included.
And here are the charts showing the best and worst performing assets for October…
and for YTD, both in local currency….
and in USD.
