Why PayPal, Etsy and others have had such a rotten quarter, writes JP_Verster.
Due to surging inflation, the first three months of 2022 ended up being the worst quarter for the US government bond market since record-keeping began in 1973, with the Bloomberg US treasury total return index losing 5.6%.
The US equity market also had a difficult quarter, with the S&P 500 index dropping by 4.9%. This was the worst performance by the index since the Covid-related sell-off in early 2020, and there have been only three worse quarters for the index over the past decade. Commodity markets were a spot of green in the sea of red, with the US energy sector jumping by 39% for the quarter as oil and gas stocks dominated the list of best performers in the S&P 500 index.
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