Looking closer at performance during the month, the top 6 performers in the sample in dollar terms are the Bovespa (+4%), Silver (+4%), S&P 500 (+4%), Greek equities (+3%), Gold (+3%) and EM equities (+3%). It’s interesting to see that despite 4 of those 6 assets being equity markets (and 2 of which being EM), the fact that Gold and Silver have still done well this month suggests that there is still a desire to have flight to quality and tail risk (or relation) hedges in place.
Equity markets in Asia have also had a reasonable month with the Shanghai Comp (+3%), Hang Seng (+2%) and Nikkei (+1%) all up. It’s a slightly mixed story in Europe though. While the Stoxx 600 (+1%) and DAX (+1%) have just about stayed onside European Banks, French equities and Italian equities are all in the 0% to -4% range.