The first six months of 2023 have been eventful for financial markets - from an artificial intelligence inspired tech stock surge, commodity market capitulations, cryptocurrency comebacks to the worst banking crash since Lehman Brothers.
"Basically, things looked so grim at the end of last year that it hasn't taken much to lift the markets," said Trevor Greetham, head of multi asset, Royal London Asset Management. Bonds in El Salvador, which is now battling out of a default, have returned a whopping 58%. Sri Lankan bonds made a return of 34%, Zambia 24% and war-ravaged Ukraine, Pakistan and serial-defaulter Argentina have all made 19%, each.
Egypt has devalued its currency more nearly 20%, Nigeria has cut naira by 40%, while at the other end of the table Colombian and Mexican pesos and Hungary's forint are up between 10% and 17%.
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