2022 Stock Market Recap - A Crazy Year
2022 is coming to an end. 2022 was a crazy year for investors. Here are some of the big financial headlines we went through this year.
Firstly here’s how the market performed
S&P was down: 20%
Inflation hit: 9.1%
Bitcoin is down:65%
On Feb 24 Russia invaded Ukraine and this resulted in oil being the best performing sector of 2022 and also triggered a global food crisis.
On March 16 the federal reserve triggered its 1st of 7 rate hikes in 2022, and this triggered the demise in growth stocks.
On April 12, Sri Lanka defaulted on a major interest payment which triggered concerns of a potential contagion event amongst other countries that use foreign debt extensively which never manifested itself.
2022 whacked the crypto markets very hard. It saw the demise of terra Luna, the Celsius network, and voyager.
In mid July, there was the evergrande fiasco which triggered extensive protests across the most populace nation.
On July 13 the US hit peak inflation at 9.1%.
On October 20, Liz Truss resigned as UK prime minister on grounds of stupidity and served in the position for 6 weeks.
Also in October was the risk that credit suisse May collapse triggering a global contagion. Needless to say this also did not manifest itself.
On October 27, Elon musk purchased twitter and what a whirlwind that has been. It also triggered the demise of Tesla.
On Nov 7, FTX collapsed on what has been described by the new CEO as a firm run by drugged up enthusiasts with no notion of internal controls who essentially used the firm as a personal piggy bank. I paraphrase Ofcourse.
This also placed several YouTubers/scammers on the hot seat including meet Kevin, andrei jikh, Jeremy’s financial education lefebvre and graham stephen for promoting garbage and for generally being misinformed.
On Dec 7, a major nation backed off from zero Covid policy which should help global supply chains somewhat.
All that to say 2023 should be better since the 2022 bar was so low. From me and mine, to you and yours Happy New Year!
#stocks #stockmarket
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