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)
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