Me ha parecido interesante este artículo de Investing.com a modo de
resumen del difícil 2015 (y qué año no lo es?)...
Aquí el enlace: http://uk.investing.com/news/economy-news/don't-look-back-in-anger---10-market-milestones-of-2015-80222
Y a continuación el artículo completo:
Don't look back in anger - 10 market milestones of 2015
© Reuters. A one Euro Coin sits on top of a Swiss one Franc Coin
in this illustration picture taken in Manchester, northern England
By Jamie McGeever
LONDON (Reuters) - From the Swiss franc's record rise in January to
the near certainty of a historic U.S. interest rate hike in December,
2015 was a far more volatile year for financial markets than most
predicted 12 months ago.
Bond yields across Europe plunged well below zero, the Dow Jones fell
1,000 points in one day in August and turmoil in Chinese stocks turned
a downturn across emerging markets into a rout. No fewer than 43
central banks eased policy.
While the direction of these moves may have surprised few observers,
the scale, speed and depth caught most off guard. This suggests a high
degree of complacency permeated markets throughout the year, although
a lack of liquidity was often blamed.
Below are 10 key market milestones that defined the year.
1. SWISS FRANC ROLL
On January 15, the Swiss National Bank stunned markets by scrapping
its three-year old cap on the franc at 1.20 per euro. The franc soared
as much as 40 percent, with the euro hitting a record low of 0.8500 francs.
2. BUND TANTRUM
German bonds collapsed in May and June, a violent reversal from the
previous year-long rally that had driven the 10-year yield to a record
low 0.05 percent on April 17. The break below zero never happened, and
less than two months later it was almost back at 1 percent.
3. SUB-ZERO EURO YIELDS
It was dubbed the "Japanification" of the euro zone - a
spiral of falling inflation, ECB bond buying and falling bond yields.
Some of the numbers are startling. Around 2 trillion euros worth of
euro zone sovereign bonds, a third of all outstanding, now trade with
a negative yield. German 2-year yield at -0.45 percent and yields on
all German bonds out to 7 years maturity below zero. In Switzerland,
10-year yields fell to -0.41 percent.
4. THE BIG EASY
2015 was the year of central bank largesse, despite the Fed moving
towards a rate hike. A total of 43 monetary authorities eased policy,
including "serial easers" like China and Russia. The year
was book ended by the ECB, announcing its 1 trillion euro programme in
January and extension in December. The drive to loosen policy revived
talk of a global "currency war".
5. CHINA CRISIS
Worries over China's economy peaked in the summer, resulting in a 45
percent plunge in Chinese stocks, accelerated capital flight and a
record fall in FX reserves. Selling was fuelled by the perception that
Beijing was increasingly powerless to halt the tide despite taking a
wide range of measures. Beijing devalued the yuan on August 11.
6. SUBMERGING MARKETS
The combination of China's travails, persistently weak commodity
prices and the prospect of higher U.S. interest rates was a
"triple whammy" for emerging markets. Virtually no asset or
country was spared, with net capital flows to EM set to be negative
for the first year since 1988. Some fared worse than others: The
currencies of Brazil, South Africa and Turkey fell to their lowest
levels on record, and Brazil GDP had its biggest fall ever.
7. GREXIT DRAMA
Greece came closer than ever to crashing out of the euro, defaulting
on an International Monetary Fund loan. A referendum on a third
international bailout was called in late June after the Syriza
government called off talks with creditors. Deep political turmoil
ensued, finance minister Yanis Varoufakis resigned and capital
controls were introduced. A bailout was eventually agreed weeks later,
but not before 2-year Greek yields soared to 60 percent and volatility
spread through world markets.
8. DOW'S SUMMERTIME BLUES
On August 24, the Dow Jones Industrials Average had its biggest fall
in four years, plunging more than 1,000 points at the open to
eventually settle down 588 points on the day. It was the index's
eighth largest points fall ever. The trigger was the mounting concern
over China - Shanghai stocks tumbled nearly 9 percent that day. In the
space of a week, the Dow fell more than 10 percent.
9. TOXIC TRIO TRIUMPH?
A year ago, there weren't too many investors piling into the bonds of
Argentina, Venezuela and Ukraine. They weren't called the "toxic
trio" for nothing. But those who were brave enough have come up
smelling of roses. Ukrainian bonds are the world's best performers
this year, returning almost 50 percent, and Venezuela and Argentina
are number two and three.
10. FED UP ... FINALLY
After a few false starts - most notably the "Taper Tantrum"
in May 2013 and September this year - the Fed has paved the way for
the first rise in U.S. interest rates since June 2006.
"Liftoff" looks certain to be December 16. Domestic and
overseas markets have moved in advance. The dollar hit a 13-year high
and the U.S. yield curve flattened, while Wall Street has struggled
and emerging markets have slumped.