If somehow you missed the coronavirus slamming the global economy like a wrecking ball, current market levels certainly do not reveal the wild swings that unprecedented events unleashed.Sure, world stocks are down nearly 9per cent for their worst start to a year in a decade, some big emerging market currencies are down over 15per cent and super low-risk U.S. government bonds and gold have returned 16per cent. But none of that is exactly unique.
Oil markets have been even more dizzying. Brent might be down nearly 40per cent for the year overall, but its second-quarter rebound of 80per cent is its best since 1990 when markets were worrying about the first Gulf War. The boom in video chat has made Zoom's 277per cent surge the best in the world so far. Moderna , one of the drug firms in the race for a vaccine, is up over 200per cent too, and sit-on-your-sofa stocks like Netflix and Amazon have jumped 36per cent and 45per cent.
Russian equities, which top-performed globally last year, have been routed 23per cent in dollar terms, although the loss was 40per cent at one stage. Brazil and Colombia, where infection rates are now soaring, shares have plunged 40per cent and 50per cent, and Mexico, South Africa and Indonesia are all down over 25per cent for the year.https://fingfx.thomsonreuters.com/gfx/mkt/azgvorkkepd/Pastedper cent20imageper cent201593385668957.