The World Markets 4th Quarter of 2015

Meketa

Research

11 Pages

Meketa Investment Group reviews the crosscurrents shaping global markets in late 2015, from collapsing commodities to widening credit spreads and diverging equity performance. The paper highlights how emerging markets fell 14.9% while U.S. equities stayed resilient, raising questions about global growth durability and investor complacency.

Key Takeaways

Commodity Pressure Intensifies: The Bloomberg Commodity Index declined 24.7% in 2015, while energy stocks in the S&P 1500 dropped 22.1%, reflecting persistent global demand concerns.
Emerging Markets Diverge: MSCI Emerging Markets fell 14.9% in 2015 versus a 0.5% gain for the Russell 3000, highlighting widening performance gaps between developed and developing economies.
Credit Stress Rising: U.S. high yield spreads widened to 18.3% in late 2015, far above the 5.1% historical average from 1997 through 2015.
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