Focus

OVER the past 12 months markets have had a bumpy ride. Investors have dumped stocks and bonds alike in many regions, though they have flocked towards assets such as (some) government bonds and precious metals, probably because many people think of them as stores of value. China’s rising currency has also prompted investors to favour newly issued “dim sum” bonds, yuan-denominated debt issued in Hong Kong. But some of the greatest gains have come from a more direct type of protection—indices that reflect the value of default insurance for corporate bonds, particularly in Europe. The worst performance in our chart came from Greek bonds, as fears persist that the country may be forced to default or leave the eurozone. Anyone betting that worries over climate change would push up the price of carbon credits would also not have had a good year either.