A new U.S. president, the selection of the candidate who might be Germany’s next leader, a $1.7 trillion rise in the value of global equities, amateur traders taking on seasoned hedge funds and digital art selling for millions of dollars.
It’s been an eventful quarter. Brent crude and copper are top performers with respective gains of around 20% and 15%; the commodity-heavy FTSE stocks index is up 4%. Wall Street’s 2020 winners, the FAANG stocks, are barely in the black.
Bonds, hurt by reflation, bring up the rear. U.S. and German government bonds have lost 5%-6%; emerging currency debt holders are down 6.5%.
Yet even with almost half a billion vaccine doses administered globally, markets are ending March with a whimper. That’s because of renewed China-U.S. tensions, higher bond yields, a COVID-19 resurgence and a massive tanker stranded in the Suez Canal that may deal a blow to world trade. The coming quarter will be interesting too.