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2021 REVIEW
What a year! Global covid cases at record high, US inflation at 39 year high and the fed on track to raise rates by 6 times in the next 2 years. But the majority of risk assets (at least in the US and Europe) have been able to climb the wall of worry: the S&P 500 posted its 7th double-digit gain in the last 10 years and for future the 1st time ever, all 11 sectors finished the year in positive territory. European stocks had their 2nd best year since 2009. Commodities was the best performing traditional asset class as oil surged. But the best performing "asset class" was cryptocurrencies with 60% gain by bitcoin and even greater performance by altcoins including ether. Tech, innovation and disruption continue to be all over the place and most of us learned about new words and acronyms: nfts, metaverse, defi, etc.
Meanwhile, emerging markets equities are struggling with China being hit the most. But it was also a painful year for US stock pickers (85% of active managers underperformed), fixed income investors (bonds had their worst year since 1999), precious metals and foreign currencies.
We hope you will enjoy this globalmarkets wrap-up. On behalf of the whole team, I am wishing you a fantastic year 2022!
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Thanks to a rally on Friday, US blue chips stocks recorded a 4th consecutive weekly gain despite growing tensions in the Middle East and the dockworkers’ strike at Eastern seaports. Escalating Middle East tensions sent oil prices to their highest level in about a month, benefiting energy shares. The S&P 500 pulled back sharply (-1.38%) on Tuesday, as Iran fired nearly 200 missiles directly at Israel. While many of the missiles were intercepted, there were several hits in the southern and central parts of the country and threats of “more devastating attacks” if Israel responded. Markets stabilized on Wednesday, however, perhaps because worst-case scenarios failed to materialize.