The past few months were bananas in the global markets.
Things that were supposed to happen didn’t happen as things that no one saw coming did. In case you missed it, here are some highlights:
China unexpectedly devalued its currency the renminbi (RMB). Stocks crashed, with the Dow plunging by more than 1,000 points in a single day. The Federal Reserve announced it would delay rate hikes. Volkswagen was revealed to be using software to cheat emissions-standards tests. Glencore shares crashed as the viability of the mining giant’s operations was called into question. September’s US payrolls report flopped. All the other news, including the risk of a US government shutdown and Russia’s intervention in Syria.
The markets are a funny beast, because not only are they off of their lows, they’re almost all the way back to the levels they were at at the beginning of the summer.
Here’s an annotated chart of the S&P 500, brent oil, and an index of emerging-market currencies from Deutsche Bank.
- Deutsche Bank