Financial markets in 2015 top ten milestones For the
fed to raise interest rates
From January whenThe Swiss francOn record, to the end plate almost certainThe federal reserveRaising interest rates, in 2015, the degree of financial market volatility, far more than most people expected a year ago.
European bond yields well below zero, the dow Jones industrial average in a single day in August had tumbled thousand points, China's stock market crash a drag on the wholeEmerging markets.This year there are 43 monetary authorities relaxed monetary policy.
Although these trends and policy direction was not surprising, but the degree of the scale, speed and many people caught off guard.It may be about market diffuses complacency, but lack of liquidity is also important factor.
The following 10 big milestone for the 2015 financial market.
1. The Swiss franc wind and cloud
January 15,The Swiss national bankUnexpectedly cancelled every three yearsThe euro1.2 against the Swiss francThe exchange rateHighest limit, the Swiss franc since rapid appreciation, rose 40% to a record high of 0.8500 francs to the euro.
2. The German debt shock
GermanyBonds between may and June, about a year before a sharp reversal of the rally.On April 17, before German debt rose, 10-year bond yields hit a record low of 0.05%, the yield will not break the zero, in less than two months after back to around 1%.
3. The euro negative yields
Have a sayingThe euro zone"Japan", because of inflation down,The European central bank (ECB)Buy bonds, causing bond yields down.Some of the
eye-popping.Currently has around 2 trillion euro euro zone sovereign debt yields negative, equivalent to one-third of all outstanding eurozone sovereign debt.German two-year bond yields to negative 0.45%, and seven-year bond yields were negative.Switzerland's 10-year bond yields minus 0.41%.
4. Big looser monetary policy
In 2015, in addition to the ready to raise interest rates by the federal reserve, most central Banks to ease monetary policy.There are 43 authorities easing monetary policy, including China andRussiaSuch as the central bank is easing in succession.The European central bank announced in January 1 trillion euro bond buying program, December has decided to extend the bond buying
program.Countries are racing to ease monetary policy may spark a global currency war of speculation.
5. China's crisis
Suspicion of China's economy -- peaked in the summer, once a drag on China's stock market plunged 45%, accelerate the flow of funds, and foreign exchange reserves fell a record.Market participants believe China has adopted a series of measures, but not in prevent market declines, which further induce the selling pressure.China's central bank announced on August 11, is perfectThe yuanAgainst theThe dollarThe exchange rateThe middle priceQuotation and the yuan central parity depreciated by almost 2%.
6. The emerging market downturn
China's economy is weak,commoditiesSoft and prices continue to goThe United StatesIs expected to raise interest rates, emerging market constitutes a triple whammy, almost no assets or in the emerging economies country from hurting, seems this year will be emerging markets capital outflows for the first time since 1988.Some emerging market performance particularly brutal,Brazil、South
AfricaandTurkeyCurrencies fall to a record low, Brazil's gross domestic product (GDP) and has the largest decline.
7.The GreekThe crisis
Greece was once was on the verge of leaving the euro, the international monetary fund (IMF) constitutes a breach of the loan.After talks broke off between the government and the creditors, the Greek international aid plan of July held a referendum.Then followed the political turmoil, finance minister resigned, capital controls.A few weeks later, finally reached an agreement on the aid package, but before that the Greek two-year yields rose to 60%, and spread to the global market.
On August 24, the dow Jones industrial average hit a fields is the biggest drop in four years, opened down more than thousand points, then regained some lost ground, ended down 588 points, recorded history of the index's eighth-largest points loss.The fuse is suspicion of China's rising, Asian trading on the Shanghai composite index closed down nearly 9%.Within a week, the dow Jones industrial average fell more than 10%.
9. "three poison"
A year ago, not many people put money into bonds in Argentina, venezuela and Ukraine.They are known as "three poison" is not without reason.But also have enough brave investors to smell the scent of roses.Ukraine bond is the world's best-performing this year, the investment rate of return is close to 50%, venezuela and Argentina's bonds ranked second and third return on investment.
10. The federal reserve to raise interest rates this sorry tale
The federal reserve announced December meetingIncreases in interest rates25 basis points, the new target for the federal funds rate will be 0.25% to 0.50% range.Fed officials a scatterplot of interest rate forecast, according to the fed expected rate could reach 1.375% by the end of 2016, this means that according to
the speed of 25 basis points at the time of raising interest rates, the fed could raise rates next year four times.After some twists and turns, the fed seems to have since June 2006 its ready to raise interest rates for the first time, the United States and overseas markets have reflected the expectations for higher interest rates in advance.The dollar hit a 13-year high, the U.S. Treasury yield curve flattens, U.S. stocks are struggling, decline in emerging markets.