LONDON, June 30 (Reuters) - Chinese shares remain the strongest-performing assets of 2015 as the year hits the half-way marker, while euro zone bonds are the surprise losers despite a massive European Central Bank buying programme.
Investors who bought Shanghai-listed A shares may have suffered a shock over the last month but they are still up almost 30 percent on the year on a total return dollar basis, thanks to a March to May surge and a gentle rise in the yuan.
The next best returns among assets tracked in this graphic link.reuters.com/pes94w have come from Japan's Nikkei 225 stocks index, which is up 15.7 percent for 2015. Oil is also hot after a 15 percent jump made it the top Q2 performer of all the world's major assets.
In comparison, Wall Street’s benchmark S&P 500 index has returned 2.1 percent on the quarter and 3.1 this year and MSCI’s 45-country All World index is up 2.7 and 5.2 percent respectively.
Meanwhile, the dollar index, which tracks the U.S. currency against a basket of its peers, has dropped almost 3 percent since the end of March as bets on a Federal Reserve rate hike have been pushed back. It remains up 5.8 percent for 2015.
The surprise losers have come from Europe, where the Greek crisis has roared back to life and what had started off as a stellar reaction to ECB money printing quickly tailed off.
German 10-year government bonds, whose yields dropped to virtually zero shortly after the start of quanitative easing (QE) in March, have sprung back up again, outweighing a rise in the euro and giving them negative H1 returns of 10.7 percent in dollar terms.
French, Italian and Spanish bonds have also seen big slides, although Greek bonds and stocks have leapt almost 9 and 8 percent respectively this quarter, despite the country’s troubles, although the figures do not capture a serious breakdown in talks between Athens and its creditors over the weekend.
Emerging market equities measured by MSCI increased their rise for the year to 3.8 percent despite the ongoing jitters about the impact of U.S. rate hikes, after adding 1.5 percent for the quarter.
JPMorgan’s index of emerging dollar debt fared less well though with a fractional quarterly fall, while local currency debt lost 0.8 percent to leave it 4.7 percent lower on the year.
The CRB Commodities index saw a rebound mainly thanks to oil, although copper took another 5.8 percent hammering to leave it down close to 10 percent for the year as gold barely budged again. (Reporting by Marc Jones and Vincent Flasseur; Editing by Gareth Jones)