December saw risk assets post further losses across equities, credit and most commodities. The heaviest losses for equities were in Japan (-10.5%), the US (-9.2%), Europe (-5.4%), China (-5.1%) and emerging markets (-2.8%) as Australia (-0.4%) escaped largely unscathed. Investment grade and high yield credit spreads pushed higher again, with high yield issuance falling off a cliff as markets are adjusting to a very different risk appetite from buyers.
The biggest losers in commodities were US natural gas (-36.5%), US oil (-10.3%) and copper (-5.7%) but iron ore (13.4%) bucked the trend. The safe haven assets of gold (5.0%) and government bonds both rose with long term bond yields falling in the US, Europe, Japan and Australia.
Narrow Road Capital
Narrow Road Capital is a credit manager with a track record of higher returns and lowers fees on Australian credit investments. Clients include institutions, not for profits and family offices. Narrow Road Capital’s offices are in Sydney.
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