The first half was catastrophic on the stock market.
The CAC 40 lost 15.5% and the European EuroStoxx 50 index around 18%.
It's even worse on Wall Street: the Nasdaq tumbled nearly 30% and the Standard & Poor's 500 20%.
Bond markets, which previously served as a safe haven during the equities hit, also slumped.
“They plunged on average by 13%, unheard of for forty years
,” notes Vincent Marioni, director of credit investments at Allianz GI. We must go back to the oil shock of 1974 to find such a disastrous first half.
This underperformance is the result of two shocks: the war in Ukraine and the shutdown of whole sections of the Chinese economy, because of the zero Covid policy.
These two events propelled inflation, which was already sustained at the end of 2021, to stratospheric levels (+8.6% in May in the United States).
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