Macro
Search catalysts, news stories, and pressures, or browse the trust-weighted news feed below.
month values ▾
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| +0.35 | +0.35 | +0.35 | +0.30 | +0.35 | +0.40 | +0.35 | +0.30 | -0.06 | -0.24 | -0.21 | -0.26 |
US finance boomed on a raging bull market, Amazon's IPO, and consolidation (Travelers-Salomon), even as the Asian crisis (Thai baht float, October 27 mini-crash) introduced volatility. Capital fleeing EM into US assets actually helped an owner's book;
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Hong Kong's stock market suffered its worst one-day drop in a decade as the monetary authority raised interbank rates sharply to defend the Hong Kong dollar peg against speculative attack. The rout came as Asian crisis contagion intensified and set the stage for a broader global selloff days later. The Hang Seng would fall further before stabilizing.
South Korea turned to the International Monetary Fund for emergency assistance as the won plunged and the country's foreign reserves neared depletion. It was the largest bailout the IMF had arranged at the time, eventually totaling near $60 billion with other lenders. The crisis exposed heavy short-term dollar debt at Korean banks and conglomerates.