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From Greece To Crude And Everything Inbetween: The Best And Worst Performing Assets In October

Tyler Durden's picture




 

Curious which were the best and worst performing asset classes for the month of October? Deutsche Bank explains.

After September’s no Fed taper fuelled performance, financial markets were supported in October by the near-term satisfactory resolution of the fiscal situation in the US. Asset returns in October broadly reflect what we’ve generally seen so far YTD. Developed world equities have seeing the best of the returns while the performance of commodities has been disappointing. October’s highlights in equities centred on the European periphery where Greek, Italian and Spanish equities returned +17.2%, +11.1% and +8.3% respectively, pushing YTD returns above +20% for Italy and Spain and above +30% for Greece. That said Japanese stocks still lead the way YTD with the Nikkei up just shy of +40% (+39.9%) despite weaker returns in October (-0.9%). EM equities produced another decent month of returns (+4.9%) following the summer’s weakness with the MSCI EM index now back into positive territory YTD, only Chinese stocks (-1.5%) saw negative returns in October amongst the EM countries included in our review.

At the other end of the returns spectrum commodities saw further declines with the CRB index (-2.7%) seeing it’s 6th monthly decline of the year with the YTD performance of -5.8%. Although US WTI crude fell -5.8% in October it is still up (+5.0%) YTD; one of the few commodities to be in positive territory in 2013.

In terms of fixed income returns were positive across the spectrum as key government bond yields saw further declines. 10 year Treasury yields fell around 6bps to 2.55% and traded below 2.5% during October. Government bonds saw more impressive declines in Europe with the 10 year Bund and the 10 Year Gilt both down around 10bps to 1.67% and 2.62% respectively. So government bond total returns were positive with Italian BTPs leading the way (+2.6% in October and +6.2% YTD). EM bonds retraced more of the summer weakness but they remain in negative territory YTD. In credit we saw further outperformance from the higher beta part of the credit spectrum with Fin Sub and HY leading the way. GBP Fin Sub returned an impressive +3.2% in October and is up +8.9% YTD.

 

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Fri, 11/01/2013 - 07:00 | 4111179 GetZeeGold
GetZeeGold's picture

 

 

Heh heh.....Greece bitchez!

Fri, 11/01/2013 - 07:25 | 4111207 Jannn
Fri, 11/01/2013 - 08:33 | 4111317 greatbeard
greatbeard's picture

>> gave at the LBMA conference in 2004.

Any more breaking news?

Fri, 11/01/2013 - 09:21 | 4111440 Exponere Mendaces
Exponere Mendaces's picture

October 1st USD/BTC: 142.73

October 31st USD/BTC: 208.79

Net Change: +66.06

Percentage Change: 46.28%

Fri, 11/01/2013 - 07:02 | 4111181 B2u
B2u's picture

BTFATH

Fri, 11/01/2013 - 07:28 | 4111213 negative rates
negative rates's picture

Would that be their cold fusion factory?

Fri, 11/01/2013 - 07:07 | 4111186 slotmouth
slotmouth's picture

I guess this means everything is fixed in Greece.

Fri, 11/01/2013 - 07:19 | 4111192 GetZeeGold
GetZeeGold's picture

 

 

Absolutely......how much can we put you down for?

 

Meanwhile in America 6 people also hit the Lottery.....

6 OBAMACARE ENROLLEES ON FIRST DAY

Fri, 11/01/2013 - 07:31 | 4111214 negative rates
negative rates's picture

There's a $220 million lottery somewhere on the planet, all the time.

Fri, 11/01/2013 - 07:11 | 4111187 TheBoyPlunger
TheBoyPlunger's picture

The yearly oil glut in Cushing has just started over the last few weeks.  Don't worry though, Cramer says to load up on PXD and CLR while the insiders are dumping shares so I'm sure that's bullish for WTI.

 

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=W_EPC0_SAX_YCUOK_MBBL&f=W

Fri, 11/01/2013 - 07:15 | 4111193 falak pema
falak pema's picture

The known unknown of Shale oil impact on global oil prices; what the German spy machine says, is it hyped projections to scare Putin and Gazprom, or is it real?

THe energy game is such a sleight of hand on a permanent basis. Oil remains the crown jewels of Pax Americana petrodollar hegemony.

Fri, 11/01/2013 - 07:18 | 4111196 Devotional
Devotional's picture

<---- Select here to help bring me back to reality.

Fri, 11/01/2013 - 07:22 | 4111203 Max Damage
Max Damage's picture

Gold slam in progress, as futures ramp moves in

Fri, 11/01/2013 - 07:25 | 4111209 GetZeeGold
GetZeeGold's picture

 

 

It's a new government assistance program for myself and billions of Chinese....we totally screwed them out of their money, so we figured we should do something for them.

Fri, 11/01/2013 - 07:26 | 4111211 firstdivision
firstdivision's picture

Right now, Corzine is in jail pleading his vindication on Greek debt....oh wait nevermind.

Fri, 11/01/2013 - 07:27 | 4111212 Devotional
Devotional's picture

GetZeeGold, add me to that program. Some Krugers to be ordered today!

Fri, 11/01/2013 - 07:35 | 4111217 GetZeeGold
GetZeeGold's picture

 

 

Totally missed your chance to buy it at all time highs....so you might as well do it now!

 

Krugs are a good choice.....everyone takes those things.

Fri, 11/01/2013 - 07:34 | 4111219 Martel
Martel's picture

Bitcoin +57%, bitchez.

Fri, 11/01/2013 - 07:42 | 4111227 GetZeeGold
GetZeeGold's picture

 

 

We love tulips and Bitcoins.....in that order.

Fri, 11/01/2013 - 08:17 | 4111282 Martel
Martel's picture

I only love profits.

Fri, 11/01/2013 - 08:35 | 4111320 GetZeeGold
GetZeeGold's picture

 

 

Reap the wind baby!

Fri, 11/01/2013 - 08:22 | 4111289 uranian
uranian's picture

Yup. +60% during October. I know of someone who just bought a bunch of Litecoins on the basis that Bitcoins have had such a run...it'd be good to see some competition in e-currencies, there are Ripples out there too.

Fri, 11/01/2013 - 08:36 | 4111322 Martel
Martel's picture

Bitcoin has first-mover's advantage. Any other cryptocoin would have to be drastically better to kick BTC's butt. I'm not seeing anything drastically better, just slightly improved copies more or less. Though, I could consider buying Litecoins just for fun.

Fri, 11/01/2013 - 08:59 | 4111376 orangedrinkandchips
orangedrinkandchips's picture

Deflation!

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