Chart of the week – Which asset market is right?

Which asset markets have recovered the most from what they lost in the fourth quarter of 2018?

  • Among risk assets, equities have made up more than three-quarters of their losses
  • Other risk assets have recovered less: corporate bond / high-yield / emerging market debt spreads
  • Some safe-haven assets have actually rallied: for example, Bund yields have fallen; the gold price has risen further.

Exhibit 1: Recovery year-to-date from Q4 2018 sell-off

(in %, range of move in price, yield or spread)

chart of the week asset market rebound


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Daniel Morris

Senior investment strategist, CFA charterholder

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