Wall Street just had a record first half.
The first six months of 2019 may well prove to be the best first half of a year ever — and one that not even the most wily investor would have predictedslugging it out in a full-blown trade war
Wall Street is up 18 percent, Europe 13 percent and China has jumped 20 percent. Oil has raced almost 25 percent higher following its best first quarter since 2009, and gold is scaling a six-year high. A mirror image of 2018 when almost everything fell? Perhaps. But there have been two important drivers.
U.S. Treasuries, the world's benchmark government IOUs, have made a whopping 7 percent as their yields have fallen almost 70 basis points this year. That followed a 37 basis point fall the last quarter of 2018, whereas in the five quarters prior to that they had consistently risen.More risky high-yield debt, local-currency emerging market bonds and corporate debt have all brought in between 8-9 percent, and currency markets have been on the turn too.
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