The Only Developed Market Index In Positive Territory This Year Has Returned About 1% — It's Not In Europe Or America

Singapore’s Straits Times Index has returned about 1% in 2022, and happens to be the only developed-market gauge in positive territory in dollar terms, reported Bloomberg.

In comparison, the MSCI World Index is down 22%, in what could be its worst year since the 2008 global financial crisis, the report said.

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What Happened: Stocks and bonds have been equally hit this year as central banks across the world have opted for aggressive rate hikes to counter inflation.

The SPDR S&P 500 ETF Trust SPY, which tracks the S&P 500, has lost over 21% since the beginning of 2022. Other funds tracking global markets weren’t spared as well. The Vanguard European Stock Index Fund ETF VGK lost over 29% in the same period.

Expert Take: Alan Richardson, portfolio manager at Samsung Asset Management (HK) Ltd said Singapore’s performance correlates with the outperformance of value over growth, which is expected to continue as long as the U.S. Federal Reserve remains committed to bringing down inflation to the long-term target rate, according to the report.

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