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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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Most of US equities indices rose to record highs, as investors wagered that a “red sweep” (Republicans winning Presidency, Senate and Congress) would result in faster earnings growth, looser regulations, and lower corporate taxes. The small-cap Russell 2000 Index surged 8.57% for the week but was the sole benchmark to remain out of record territory. Meanwhile, the Dow Jones hit 44.000 for the first time while the S&P 500 closed just shy of 6,000, up 4.7% for the week, its best weekly gain in almost a year. On Thursday, the Fed announced a 25bps rate cut, its first easing move since cutting rates by 50 basis points in mid-September. In terms of economic data, the October ISM services sector activity came in at 56.0, well above expectations and the best reading since August 2022. U.S. Treasuries generated positive returns heading into Friday, as yields largely ended lower than where they ended the previous week.