The Difference Between Markets In 2013 Versus 2012 In Two Charts
Deutsche Bank interest rate strategists led by Dominic Konstam compare the story in 2013 to that in 2012 in a note to clients, writing (emphasis added):
In the end 2013 went broadly according to plan, presuming global policymakers indeed do operate with a plan in mind. Stellar returns in core market equities, led by Japan but including the European periphery, were balanced by nondescript mildly negative returns in the less risky asset classes.
Europe enjoyed relative currency stability while the yen (finally) meaningfully weakened. The only real casualty has been emerging
The charts below provide a comparison of cross-asset returns in 2013 (on the left) versus those in 2012 (on the right), illustrating the points made above.
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